In the end, the fish were only of symbolic importance. Neither does it matter that much what happens to Scottish seed potatoes, no matter how much of a fuss Nicola Sturgeon kicks up.
Farming, tariffs and quotas are of relatively little importance given that the exchange rate will simply adjust to compensate for any changes that are made. As the UK and the EU finally agree a trade deal, there was one victory that really mattered: regulatory divergence. And on that the UK appears to have secured a victory.
The EU is not so much an over-mighty regulator as a really bad one
Leaving aside the diehard, swivel-eyed campaigners on both sides of the debate – and we have probably heard enough from them for any sane country over the last four years – the economic impact of leaving the European Union was always finely balanced. Extra trade friction would mean we would lose some exports to the EU, but since they were falling anyway – and we had a huge trade deficit with the rest of Europe – that hardly amounted to much.
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