To regain sovereignty and to have a sensible points-based migration system it is necessary to be outside both the EU and the Single Market. That should rule out the Norway option.

That fills some with fear, but it should not. The UK is remaining global in its focus, while at the same time ensuring more share in success through a better migration and domestic economic policy.

There is every reason to expect us to remain a strong and attractive economy in which to invest, while key challenges we face – like our twin deficits – are not the result of Brexit.

Now it is possible the UK may agree a specific deal with the EU. After all, they need the City, and also we are a huge export market for them. But we can’t assume anything.

Hence we should proceed based on leaving and trading under the World Trade Organisation (WTO). On that basis, we can leave at the end of Article 50 being concluded, whatever happens.

The UK is already a member of the WTO and it is there to facilitate trade, not stop it. Outside the EU, we can trade freely under WTO rules and reduce import tariffs.

If we accept that is what would happen if we leave, then that should give the UK greater bargaining power in any EU negotiation. Also, from that base, in time, we could conduct trade deals in our best interests, focused on services, with fast growing markets as well as with the EU.

It is people and firms that trade, not bureaucrats. Being competitive and having something that others want to buy are key. Globalisation, the internet and technical change point to new networks, and highlight that ideas and trade in the 21st century know no bounds.

Dr Gerard Lyons is Chief Economic Strategist at Netwealth Investments and an adviser to Parker Fitzgerald.

David Fuller's view

If “Brexit means Brexit”, as the PM has repeated, it really should be a swift process of total withdrawal from the EU.  Then, and only then, can the UK government negotiate freely with other nations, including those of the EU.  Anything less than a total withdrawal will waste time and energy in the web of EU rules and regulations designed to prevent countries from leaving. 

PM Theresa May’s biggest challenge may be to gather all the UK support she can for this transition, although the EU is unintentionally helping with its own policies, including the tax claim against Apple and Ireland.  

Here is a PDF of Gerard Lyons  column.