The government has today confirmed that all tariffs will be scrapped on wine and honey – along with 88% of goods imported to the UK – in the event of no deal. Get ready to pop the champagne…

This tariff arrangement would last for a year while a new permanent regime is being worked out and full Free Trade Agreements around the world are struck – and cut tariffs even further than Theresa May’s government planned, ensuring preferential access to the UK market for developing countries.

The Government is pitching this new regime as “a balanced approach”, as whilst the majority of goods will see their tariffs fall to zero, some tariffs will continue, including on bioethanol, fish, some meats, ceramics, cars, and clothing. In any case, No Deal will (temporarily) lead to a land of considerably cheaper milk and honey…