The more time goes by, the more plausible it becomes that the UK may never actually leave the European Union.

Leaving the EU is so difficult, and the consequences are so economically damaging, that it may be easier for prime minister Theresa May's government to endlessly delay the process rather than to actually leave.

Morgan Stanley economists Jacob Nell and Melanie Baker published a fascinating note to investors this morning in which they attempt to figure out how the UK will actually leave the EU, and what the UK's post-Brexit relationship with Europe will look like.

Read more on The Independent.