Some time ago I wrote that Britain was heading the way of Greece. The comparison caused (justifiable) offence in Athens and (unwarranted) indignation in London. The time has come formally to recant. Grexit is now a fading nightmare. Common sense and political leadership have seen Greece stabilise its economy and restore functioning government. In the meantime, Brexit has all but broken British politics. The heavy economic costs of Brexit were always obvious to all but the fantasists who imagine “global Britain”, untethered from its own continent, will usher in a new Elizabethan age. The political stresses and strains — the absence of any consensus about what Brexit actually meant, the collision between the referendum outcome and the pro-European views of the majority of MPs, and deep divisions within parties — were casually overlooked. No one should be surprised that the nation’s politics now resemble a car crash. At once unimaginative and stubborn, Theresa May has squandered the re...

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