In terms of trade, Ms. May ruled out membership of the Single Market or entering into a Customs Union with the EU. She dismissed the possibility of membership of the European Economic Area and said it wasn’t in the UK’s interest to adopt a free trade agreement similar to the one agreed between the EU and Canada. Given that such agreements could restrict market access and take years to negotiate, the UK believes that it can “do so much better than this”.

While the speech listed what the UK doesn’t want; tariffs and friction at the border, it was light on the mechanics of how such a deal would work. Ms. May said the EU need to agree on “a set of rules” for a future deal. Given this position, perhaps the motto of no deal is better than a bad deal if off the table?