It is hard to exaggerate the scale of the disaster the British people have inflicted upon themselves with their decision to leave the European Union, taken in the referendum last June. More than three and a half months since the vote, some of this damage is difficult to quantify, including loss of influence with the US, Europe, and the wider world, the flourishing of insular nationalism, especially in England, and growing hostility toward immigrants—a tendency that had been already visible during the referendum campaign and was disgracefully exploited by the Leave campaigners. But in recent weeks, there have also been stark indications of a kind of damage that is readily quantifiable and severe: the damage that Brexit has and will continue to inflict on the UK economy—an economy that, after decades of mismanagement, is overwhelmingly dependent on foreign enterprise and foreign capital.

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