Some of us have been sceptical about future trade deals, especially with the USA. Former Labour Minister Ed Balls has co-authored a report by Harvard University which he discussed on the BBC Today programme:

This is what Ed Balls, the former shadow chancellor, told the Today programme about the Harvard report he has co-authored (see 9.25am) saying the UK would not benefit from a post-Brexit trade deal with the US.

"We’ve talked to many people on the record, but of course the senior negotiators at the USTR [US trade representative], the trade negotiator in America, in the Brexit department here, are more cautious about being on the record. But they were very clear with us that, first of all, the chances of doing a deal quickly are very low. Secondly, if we are outside the EU, our power to negotiate with the US is much lower. But also the kind of things that America would want, in terms of tariff reductions and changes in regulation, would be extremely difficult for British business and consumers to deal with. And the general view was, actually, it’s not really going to happen.

So if the idea is you leave the customs union and get the free trade agreement and that will be better, our conclusion is that is a complete fantasy."

Yet another blow for the Brexiteers.