The Brexit dream is over - in any meaningful sense, at least. That was the clear and unambiguous message from markets this morning, which cynically marked the pound up sharply in response to Britain’s seismic political crisis, and they are probably right. You might have thought the correct response would have been the other way around, but no, markets are betting that Theresa May’s crushing defeat makes a no-deal Brexit less likely, and either a much softer Brexit - Norway Plus - or no Brexit at all, the overwhelming odds-on end game. Those advocating a clean-break on WTO terms of trade have shot their bolt. Their time in the sun is over, and they are heading for a defeat just as bad as that of Theresa May’s ritual humiliation. Their principled rejection of her deal, in unholy alliance with hardline Remainers and an opportunistic Labour Party, is about to backfire spectacularly. If the gamble was to run down the clock to the default Brexit position of departure with no deal, it is very unlikely to succeed against a parliamentary majority determined to thwart it.