Switzerland on Sunday rejected a proposal to cap its population at 10 million, a projection showed, as voters prioritized economic stability and ties with the European Union over worries immigration was straining public services and pushing up rents.

The projection by national broadcaster SRF, which traditionally calls referendum votes, showed about 45% of voters came out in favor of the proposal and 55% against.

The vote, which was likened to Britain's 2016 Brexit referendum, had put businesses on edge, as it could end the free movement of labor between Switzerland and the EU, the country's main trading partner. CGTN's Julia Hamilton explains.