“Do I think that Britain’s role has somehow been diminished? No, I think it’s been changed.” US Secretary of State John Kerry’s diagnosis of the UK’s position after the referendum was a welcome respite to the melancholic introspection that some are wallowing in.

Damage limitation seems to be the way that many are thinking. From a financial regulatory perspective, the industry should take a more expansive view, asking what do we want from the UK's departure, and how can we best ensure that this happens.