The likely effect of Brexit is unknown since nobody can know what the outcome of negotiations will be. There is likely to be a prolonged period of uncertainty before agreement is reached and even then ‘fiddly’ sub-clauses in agreements (as they are termed by the Financial Times) may never be known about until triggered by some event or other.

In theory, if perfect free trade were to exist, Brexit would have no impact as argued by a small band of economists such as the academic Patrick Minford, Professor of Applied Economics at Cardiff Business School (who backed the ‘leave’ campaign and has done so for years). Such a state of nirvana is unlikely to exist. Notwithstanding, rumours and counter-rumours of a drive towards this goal of perfect free trade will lead to bursts of enthusiasm from time to time and rises and falls in markets.

Of greater importance than Brexit is the continuing question of how the authorities, both regulatory and political, react to low, sluggish economic growth and its ensuing consequences. It is relatively easy to forget that Mario Draghi, ECB president, remains committed to do ‘whatever it takes’ to get Europe back on track. He now has another reason to act. Will political leaders act on his call for reforms and fiscal action? Hopefully Brexit will act as a positive spur.