Trade-offs for the EU deal remain but have changed in recent monthspublished at 14:07 British Summer Time 19 May
Faisal Islam
Economics editor
There are trade-offs here, however.
Fishing concessions offered by Boris Johnson have been extended by 12 years, in exchange for a permanent arrangement on food and farm exports.
The fishing industry is worth £1bn a year in total, whereas food and farm exports to the EU alone are worth £10bn.
Even within fishing, these arrangements will help those selling into the EU, langoustines from South Shields that are the toast of Parisian restaurants, monkfish for Spain and Scottish salmon exported to Europe.
The UK will have to align with EU food standards as they change and have some input, if not a veto.
One of the principal objections to this, in the era of Brexit political turmoil, was that such a deal would shut out the possibility of global trade deals, especially the US.
The government has already signed some of the big global trade deals. The US administration itself has downplayed its concerns over changing UK food standards away from Europe.
So while trade-offs remain, the nature of those trade-offs has changed in recent months.
