In time, EU leaders who bluster about punishing Britain for leaving will come to realise that it is in everyone’s interests to take a more constructive approach. Mrs May did not say it explicitly, but there was steel behind her words: Britain can be a good friend to the EU, or a bad enemy. And the EU today needs all the friends it can get.

As a result, the chances of a good deal with the EU are higher than many observers suggest, especially ones who work in financial markets. Recent days have once again proved that currency traders are poor analysts of the Brexit story: markets were surprised that Mrs May rejected remaining in the single market even though that was the only logical outcome of the referendum vote, then surprised again when she promised a vote in Parliament on the final Brexit deal. A jump in the pound after the speech suggests traders believe that vote could yet block or slow Brexit, a mistaken conclusion, not least since Mrs May will offer MPs a choice between her deal or no deal, leaving the EU without a trade agreement other, of course, than our membership of the World Trade Organisation. And either outcome will be much better for Britain than the markets’ mistaken pessimism suggests.