Well, we know what the financial markets want. The sharp reaction to the High Court judgment that Parliament will have to vote on Article 50 shows that a soft Brexit, in which Britain retained reasonable access to the European single market, would be much more preferable to a hard one, where it didn’t.

The jump in the pound against the dollar of almost 1 cent showed that – though it is true too that sterling was strong against the dollar even before the ruling, on the back of strong signals from the service sector. It is now at a three-week high.

The FTSE 100 index of large companies, which had been up on the day, fell back as you would expect. Some 70 per cent of these companies’ revenues come from outside the UK, so any recovery in the pound reduces their profits in sterling terms.

What experts have said about Brexit Show all 11 1 /11 What experts have said about Brexit What experts have said about Brexit Chancellor of the Exchequer Philip Hammond The Chancellor claims London can still be a world financial hub despite Brexit “One of Britain’s great strengths is the ability to offer and aggregate all of the services the global financial services industry needs” “This has not changed as a result of the EU referendum and I will do everything I can to ensure the City of London retains its position as the world’s leading international financial centre.” Reuters What experts have said about Brexit Yanis Varoufakis Greece's former finance minister compared the UK relations with the EU bloc with a well-known song by the Eagles: “You can check out any time you like, as the Hotel California song says, but you can't really leave. The proof is Theresa May has not even dared to trigger Article 50. It's like Harrison Ford going into Indiana Jones' castle and the path behind him fragmenting. You can get in, but getting out is not at all clear” Getty Images What experts have said about Brexit Michael O’Leary Ryanair boss says UK will be ‘screwed’ by EU in Brexit trade deals: “I have no faith in the politicians in London going on about how ‘the world will want to trade with us’. The world will want to screw you – that's what happens in trade talks,” he said. “They have no interest in giving the UK a deal on trade” Getty What experts have said about Brexit Tim Martin JD Wetherspoon's chairman has said claims that the UK would see serious economic consequences from a Brexit vote were "lurid" and wrong: “We were told it would be Armageddon from the OECD, from the IMF, David Cameron, the chancellor and President Obama who were predicting locusts in the fields and tidal waves in the North Sea" PA What experts have said about Brexit Mark Carney Governor of Bank of England is 'serene' about Bank of England's Brexit stance: “I am absolutely serene about the … judgments made both by the MPC and the FPC” Reuters What experts have said about Brexit Christine Lagarde IMF chief urges quick Brexit to reduce economic uncertainty: “We want to see clarity sooner rather than later because we think that a lack of clarity feeds uncertainty, which itself undermines investment appetites and decision making” Getty Images What experts have said about Brexit Inga Beale Lloyd’s chief executive says Brexit is a major issue: "Clearly the UK's referendum on its EU membership is a major issue for us to deal with and we are now focusing our attention on having in place the plans that will ensure Lloyd's continues trading across Europe” EPA What experts have said about Brexit Colm Kelleher President of US bank Morgan Stanley says City of London ‘will suffer’ as result of the EU referendum: “I do believe, and I said prior to the referendum, that the City of London will suffer as result of Brexit. The issue is how much” What experts have said about Brexit Richard Branson Virgin founder believes we've lost a THIRD of our value because of Brexit and cancelled a deal worth 3,000 jobs: We're not any worse than anybody else, but I suspect we've lost a third of our value which is dreadful for people in the workplace.' He continued: "We were about to do a very big deal, we cancelled that deal, that would have involved 3,000 jobs, and that’s happening all over the country" Getty Images What experts have said about Brexit Barack Obama US President believes Britain was wrong to vote to leave the EU: "It is absolutely true that I believed pre-Brexit vote and continue to believe post-Brexit vote that the world benefited enormously from the United Kingdom's participation in the EU. We are fully supportive of a process that is as little disruptive as possible so that people around the world can continue to benefit from economic growth" Getty Images What experts have said about Brexit Kristin Forbes American economist and an external member of the Monetary Policy Committee of the Bank of England argues that the economy had been “less stormy than many expected” following the shock referendum result: “For now…the economy is experiencing some chop, but no tsunami. The adverse winds could quickly pick up – and merit a stronger policy response. But recently they have shifted to a more favourable direction” Getty

How this will play in politics is not yet clear, and the court decision may well be reversed. But if you move away from the rhetoric about negotiations and look at the practicalities, the prime economic issue will be the pace at which the UK economy disengages from the European one. The share of trade with Europe has been falling for the past decade, as other markets grow more quickly. But there are powerful economic reasons for retaining as open access as possible for the time being.

The main thing the financial and business communities will be looking for is an indication of the UK’s plans. The need to get the triggering of Article 50 through Parliament would mean the Government would have to give greater clarity on its objectives. Clarity is absolutely what business wants.

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