Britain's go-slow advantage

Athens

ATHENS is a useful vantage point from which to reflect on the surreal nature of European plebiscites. After Britain's 52 per cent to 48 per cent vote against European Union membership on June 23, the lesson of history - especially the bizarre referendum U-turn over Greek austerity a year ago - is that a complete British divorce from Europe in the years ahead is highly unlikely.

Much more probable is a flexible "halfway house" relationship, far from the absolutist or apocalyptic predictions of Leave or Remain campaigners. The UK and its EU partners will still carry out substantial trade and investment. Britain will make reduced payments into the European budget. And restrictions, but no swingeing clampdown, will be in place on the free movement of people between the UK and the EU.