Three economic rules mean that Britain would seek to join the EU’s single market if it were not already a member.
Both sides of Britain’s EU debate claim the mantle of free-traders. Pro-Europeans emphasise the potential loss of access to the single market if Britain quits the EU. Outers point to the EU’s declining share of world trade, and the opportunities that might arise from signing free trade agreements with countries outside Europe, without having to find consensus with 27 other states. A central question in the campaign has become: ‘Would Brexit boost or depress Britain’s international trade?’