We now have greater clarity on what our future relationship with the EU could look like. The default will be a sort of Canada plus arrangement - a free trade agreement with extra bells and whistles. We would be outside the single market and with an independent trade policy, but with close cooperation in many areas from security and defence to customs and regulation.

Although the economic parts of the Chequers plan are not on the table, it would also be possible to negotiate something closer. But that would depend on how far the government was willing to accept a role for European law and future EU rules on issues such as employment and environmental standards.

So the leaders of the EU and Theresa May