UK comedian John Oliver has nailed his colours to the mast in a hilarious rant on the EU referendum, saying while he wants Europe to "go f*** itself" the UK would be "absolutely insane" to leave.

The latest episode of Last Week Tonight sums up the complex vote looming by beginning: "incidentally, an in/out referendum is what most English people call sex."

He then explains why Brexit - which sounds like a "shi**y granola bar" - is spooking global markets and slams Vote Leave leaders for using inaccurate figures during the campaign.

John Oliver's submission for a new anthem for the EU saying
John Oliver's submission for a new anthem for the EU saying "F*** you European Union".

"If you're watching this from outside the UK, you're probably thinking, why should I care what Britain does with the EU? Honestly as long as those crooked tooth scone goblins keep shooting out royal babies and episodes of Doctor Who, I don't give a tally ho f*** what happens there."

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"And fair enough but a Brexit could have wide ranging implications both for the UK and the world's economy."

He said despite the 28-member bloc home to 500 million people being an absolute nightmare to govern, the UK would be "insane" to want to leave.

"Here is how I feel about the EU. It's a complicated, bureaucratic, ambitious, overbearing, inspirational and consistently irritating institution and Britain would be absolutely crazy to leave it,"

"Especially because if it stays it can still reap all the benefits while still being a total dick about everything and that is the British way."

It ends with a submission for a new anthem for the EU saying "F*** you European Union".