Having lived in both Great Britain and in the United States, AND being educated reasonabley well, I believe that the word Limey is best defined as simply a slang term to refer to British citizens. As for all the slush slinging between anti-americans and anti-brits: I find both nations have in common the general hatred by much of the rest of the world, primarily because each nation has poked it's unwanted nose into other peoples' business around the globe at various times past and present. Its a mite silly for eithers citizens to chastise the other. Personally, I like both nations alot, AND find both to contain a liberal helping of poop-heads as well.
Brits,Limeys,Yanks,Wankers,Fellow victims of our own Egos.