The Great British Trade-off: Why the path to Brexit might be painful

So when can the UK start negotiating its own trade agreements? Throughout the campaign and thereafter, Brexiters have made passionate pleas for liberating the UK from the EU so it can pursue trade deals of its own. Daniel Hannan, a senior campaigner for Leave, quipped that every continent was growing except Europe and Antarctica, and that Britain after Brexit should strike deals with emerging economies quickly. Boris Johnson suggested that countries like Australia and India were already lined up to begin talks. But before the UK can enter this glorious new era of bilateral trade deals, the new Prime Minister must negotiate the divorce terms with the EU. He or she must also avoid damaging Britain’s existing trade relations with Europe. Welcome to the Great British trade-off.

All eyes are on Article 50. This clause in the EU’s Lisbon Treaty regulates how a country can withdraw from the EU. Until a country has formally left the union, it cannot conclude bilateral trade negotiations of its own.