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Welcome to purgatory

Credit: PA

On the Monday after the big vote, everything is the same, and everything is different.

We may have voted to leave the European Union, but we remain full members - and we don't know when our government will formally inform the rest of the EU that we are leaving, thus triggering the two year "Article 50" process that would take us to the exit.

David Cameron has informed us he is quitting as prime minister. But he remains our PM till October - pending the election of a new Tory party leader.

Most of Jeremy Corbyn's parliamentary colleagues have lost confidence in him as Labour leader, as his deputy Tom Watson informed him today. But he is refusing to budge, and has vowed to stand in any new leadership contest - when he will be hard to beat, because Labour members are less fed up with him than Labour MPs.

Labour leader Jeremy Corbyn on Monday morning

Or to put it another way, we are in limbo, purgatory, the waiting room - unsure whether our destination is the deliciously free and prosperous one painted by Boris Johnson overnight (Norway, with more control over immigration and lower EU budget contributions) or a little England, Scotland-less, anti-foreigner, low-growth, low-wage grind.

The uncertainty is unnerving for those who look after our money or employ us.

So the pound and share prices continue to weaken.

Many investors who bet on Remain are nursing humongous losses (which is one reason why the Chancellor, George Osborne - like Cameron, also probably living on borrowed time - tried to assure us that he and the Bank of England are ready with the lifeboats).

Estate agents are reporting a hiatus in housing-market activity and deals cancelled.

Business are putting hiring and investment on hold. Banks are shifting City people to other EU financial centres.

Tepid economic growth is slowing.

The UK's topnotch AAA credit rating is under threat.

Chancellor George Osborne on Monday Credit: Reuters

Osborne has today confirmed there will have to be a budget that takes evasive action - presumably by cutting public services and raising taxes, or allowing the government's record debts to grow at an accelerating rate - in the autumn.

Now if anyone complains they were not warned about any of these costs, they were either asleep or wilfully deaf.

All of this was spelled out in grinding detail by Remain - and dismissed as Project Fear by Leave.

Of course political post-mortems are largely pointless. We are where we are.

Time for Project Let's-Make-the-Best-of-it.

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