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Daily Business Briefing June 23, 2021Updated  June 23, 2021, 7:58 p.m. ET June 23, 2021, 7:58 p.m. ET A Brexit protest outside the Houses of Parliament in London in 2019.Credit...Tolga Akmen/Agence France-Presse — Getty Images

Five years ago, on June 23, 2016, Britain voted to leave the European Union. The separation has hardly been smooth, and in some ways the effects have yet to appear, the DealBook newsletter reports.

The referendum result upended Britain’s politics, divided its people and fundamentally altered its business environment.

Some of the fallout was immediate. The day after the referendum, the value of the British pound plunged the most in its history, setting off a period of rising inflation.

Other effects have emerged more slowly. In the past six months — after Britain formally left the bloc’s single market and customs union — the impact has been harder to discern through the turmoil of the pandemic.

After the vote, business investment stalled. Companies were too unsure about Britain’s major trading relationships to make big decisions. By the time there was any certainty, the coronavirus had hit British shores. Now, the government is planning a “super deduction” tax break to bolster investment. That could spur spending, but the underlying pace of growth is unlikely to return to its pre-referendum level.

Business investment in Britain

It’s too soon to determine the overall impact on trade, especially for more than 180,000 British businesses whose only experience of international trade was with the European Union. New customs checks, veterinary requirements and other regulations have already restricted the movement of goods, and new agreements with far-flung countries aren’t expected to replace the deal Britain had with its nearest neighbors as a member of the trade bloc. By the government’s own estimates, its new trade deal with Australia will increase G.D.P. by as much a...

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