Economic security

No need for Brexit panic

Actually, though, Britain's economy is fundamentally strong, and will bounce back quickly. The devaluation of the pound will strengthen its exports, and make sure its companies can easily overcome any tariffs that might be imposed in Europe. If demand dips, the Bank of England can still cut interest rates or launch another blast of quantitative easing. The United Kingdom's real strengths these days are incredibly flexible labor markets, one of the highest rates of entrepreneurship in the developed world, and the lowest corporate tax rate of any major economy, all of which have made it a magnet for inward investment. Trade with Europe has been declining relentlessly for a decade -- down from 55% of exports in 1999 to 44% in 2014 -- and Brexit will only accelerate a trend that had been underway for years. As economic shocks go, leaving the EU will turn out to have been a minor one.

Britain's standing in the world won't suffer much damage either. In fact, it will probably rely on membership in the European Economic Area, alongside Norway, Iceland and Lichtenstein, and, under British leadership that will turn into a far more significant bloc. Don't be surprised if the Danes, the Poles and the Czechs opt to join a more nimble EEA led by the UK rather than a German-dominated EU -- which would mean that paradoxically Britain has more clout outside the EU than it ever did within it.