This is an old-time slogan from the London stock market. The idea is that in the European summer industrial activity slows down, everyone takes the month of August off, and stock market professionals shift into low gear until the weather starts to cool. So stocks don’t do much of anything between June and the beginning of September.

Today’s version is more likely just “Go Away.” That’s what a significant number of UK-related London-traded corporations are doing–either relisting abroad (more often than not in the US) or establishing a second listing elsewhere. The result is that while the UK was one of the largest stock markets in the world a generation ago (second only to the US and, for a while in the 1980s, Japan), it’s an afterthought now.

Part of that is that many of the biggest London-based companies are multinationals who rode the global wave of British imperialism of past centuries to empire-wide prominence. So while they have historical and sentimental ties to the UK, most of their business is elsewhere.

Another thing is that UK-based investors, both individual and professional, are at heart deeply fixed income-oriented. So they’re interested in firms that stack up well using some form of dividend discounting, something that tilts the scales toward mature firms and away from tech, in particular. Also, with the possible exception of Scandinavia, there isn’t much of an equity culture elsewhere in Europe, either.

Finally, as far as I’m concerned the domestic UK economy is a train wreck. A large part of this is due to Brexit. Severing ties with the rest of the EU did staunch the flow of migrant workers, who were seen to be socially undesirable. At the same time, though, the loss of these workers slowed overall economic growth in the UK. And all the non-EU firms that had flocked to the UK because of the level playing field its legal system provided plus the fact of English as the official language–which together made it the ideal point of entry into the EU–packed up and left. What were the pro-Brexit politicians thinking? My guess is they were so busy performing they had no time for thought. In addition, of course, there’s the legacy of the Thatcher revolution, which, like the Reagan revolution here, was great for a decade or so but has retarded growth since.

One plus for the UK, though, might be that it is the cautionary ghost of Christmas future for the US to learn from.