The final countdown to Britain leaving the single market and customs union is under way and despite the ongoing debate about deal or no deal, the picture on what future trade will be like is starting to emerge. At this stage, it appears that it will either be a basic trade deal that avoids tariffs and quotas for produce and a return to the pre-1993 way of doing business before the single market was set up, or else it will be no deal at all.

In a no-deal scenario, business transactions can continue as they do at present with many countries outside Europe. However, such is the level of tariffs on agricultural produce, products such as beef and cheddar would be priced out of the British market.