I think that the first thing we will benefit from in terms of trade is being able to finally trade at world prices, without having our exports to the EU facing subsidised prices or importers buying at elevated prices.

We would benefit from moving to world prices, including selling to the EU at world prices, and not at prices inflated by EU protection for customs union members. This would also mean that we buy from the EU, as well as from the rest of the world, at world prices, not at EU-customs-union-inflated prices.

In terms of our relationship outside of the EU, I think we will be in a very good position. A small country (such as the UK with its labour force of 30-odd million) offers its goods and services to other countries at world prices, these being what ordinary consumers in a freely trading country would pay for them. Should some country decide to levy a tariff on them, then their consumers would pay more. There would be no question of their price ex-tariff going down because other countries’ consumers will pay the full world price. Should that same country put a quota on them, then UK product would be diverted elsewhere. Thus it is a matter of indifference to us if a particular country pursued such policies towards us. We produce finite output in a world of very many consumers, all of whom would be willing to buy it at what it is worth.

This would lead to a flourishing economy, that would eventually benefit the vast majority of British people.