London — Britain’s exit from the EU’s single market is expected to cause significant disruption and cost. Yet the upheaval is also supposed to yield opportunity.

The case for Brexit, which convinced a majority of voters in the 2016 referendum and helped Prime Minister Boris Johnson win power, leant heavily on the purported long-term benefits of being outside the now 27-member EU. They range from new regulatory freedoms, an independent trade policy and a stricter immigration system to reinvent the labour force...

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