Tumbling British exports and an increase in European imports means that the UK’s trade deficit with the EU hit an all time high of £23 billion between November and January.

The trade deficit – the value of exports minus the value of imports – is crucial for measuring British businesses overall performance overseas.

Meanwhile, British exports to the continent are at their lowest since 2009. Divided between the 28 EU member states you get an average gap of over £3 billion per each common market member. Merkel might not want a free trade agreement, but German businesses will…

Buried away in the ONS’ official data is an increase in EU imports of £674 million in January, while British exports rose a paltry £12 million. This includes a massive £300 million import bung for the Netherlands, while flagging economies Italy and Spain were able to flog us £100 million worth of pasta and sangria each.

They need us more than we need them…