The potential for a dramatically different trade and investment agreement between America and Britain, despite obvious risks and difficulties, should be the highest and most immediate priority. Both countries can shed layers of stifling government regulations in the process, and London and New York could sustain and enhance their reputations as the financial capitals of the world, while competitors in Europe and Asia lag behind.

US businesses could reach UK markets all but closed-off for decades because of high EU external barriers to trade. In short order, Canada could join this new bilateral trade relationship, with other non-EU nations in Europe coming on board in due course. Not only would the prospect of a US-UK agreement strengthen London’s hand in the exit negotiations with Brussels, it would encourage nations remaining within the EU to demand that the lords of Brussels wake up to what is happening in the wider world.

Politically, with Britain freeing itself from the EU’s common foreign and defense policy, it will resume its role as a full leader of NATO. For far too long, NATO’s European members (with some notable exceptions) have simply not adequately attended to threats to international peace and security. Sustained, disciplined thinking on global threats like nuclear proliferation and international terrorism, and threats on the Continent itself from a belligerent Kremlin, has been lacking, also for far too long.