Theresa May’s trade plan that was agreed by the cabinet at Chequers appears to be based on flawed analysis

Theresa May’s plan for a bespoke customs deal with the European Union is based on flawed analysis described by trade experts last night as “fanciful”.

Scrutiny of the proposal on behalf of The Times cast doubt over the central pledge that the vast majority of businesses would pay the right or no tariff at the border.

Business experts also questioned another key part of the plan: that businesses would be able reliably to track goods to their final destination. This issue is critical to the EU, which fears the scheme could become a backdoor smuggling route into the continent.

Alan Winters, professor of economics and director of the UK Trade Policy Observatory at Sussex University, who examined the government’s assumptions, said: “The whole thing when