When members of the Treasury Committee were in the United States, we were told one thing consistently by almost everyone
we spoke to, namely that when it came to negotiating the new, alternative free trade agreements in which those in favour of Brexit put all their stock, the UK would have to put everything on the table and the US would have to put nothing on the table. Does that not lie at the heart of this issue? Our position will be substantially weakened, and nothing that the United Kingdom can negotiate will compensate for the losses that it is likely to suffer.