England has just been ejected from Euro 2016 by Iceland.
Is this an early example of the hapless future that lies ahead for Britain now that we have opted for self-imposed exile from the richest economic zone on earth? Or is it a demonstration of the mighty feats that even the tiniest of nations can achieve once freed from the EU yoke?
The debate on the economic implications of Brexit prior to last week’s vote was fuelled by fantastic claims of epochal economic disaster and transformative economic opportunity made by both sides. What does a more sober assessment of our prospects look like on the morning after?