Even Eurosceptics will soon find that there is nothing splendid about isolation. Our capacity to shape the future of the world’s wealthiest economic bloc, which is also our most important export market, has just been dramatically diminished. This will have consequences not just for Britain’s influence in Europe, but its standing in the world. A Britain with reduced clout in the European Union is a Britain of less interest to the United States, China or any other important global power.

Though David Cameron acted in the name of protecting the City of London, the City is aghast. Far from safeguarding British banks and other financial interests from Brussels, Berlin and Paris, Britain is now locked out of crucial negotiations on the future form of regulation. As for Tory Eurosceptics, once their misguided intoxication has worn off, they will sober up to find that their agenda of repatriating powers from Brussels has been retarded, not advanced.