Martin Wolf in the FT doesn't mince his words:
David Cameron took a huge gamble and lost. The fearmongering and outright lies of Boris Johnson, Michael Gove, Nigel Farage, The Sun and the Daily Mail have won. The UK, Europe, the west and the world are damaged. The UK is diminished and seems likely soon to be divided. Europe has lost its second-biggest and most outward-looking power. The hinge between the EU and the English-speaking powers has been snapped. This is probably the most disastrous single event in British history since the second world war.
One point seems evident: it is now politically inevitable that the UK will have to bring in controls over immigration from the EU. That rules out what might at first glance seem the best option: membership of the European Economic Area, which would permit membership of the single market. At best, the UK might participate in a free trade area in goods. But the services, on which it depends, would be excluded from the single market.
The UK economy is going to be reconfigured. Those businesses that have set up in the UK to serve the EU market must reconsider their position. The City’s role in trading in euro-denominated assets will be undermined. Manufacturers will also have to consider how to readjust their productive capacity. Many will relocate. Businesses who depend on their ability to employ European nationals freely will have to reshape operations. Many will want to move inside the EU single market. Such decisions will not have to be made at once. But they will drive down investment now.
Brexit will reconfigure the UK economy - FT.com