EU Trade Commissioner says exit must precede trade talks

The BBC have an interview (HERE) with EU Trade Commissioner Cecilia Malmstrom who says the EU cannot begin trade talks until the UK becomes a "third country", a term used by the EU to describe a country outside the bloc.  She claims it is against EU law to negotiate a trade deal with one its own members.

A trade deal (like Canada's) can take up to seven years but even then requires ratification by 27 other member parliaments which can take a further year or two.  She concedes ours would be "a little quicker" because we already comply with EU regulations.

This is crucial although it does not seem to have had much wider coverage.  No doubt the legal experts in the government and commerce are thinking about it.  It may mean many banks will have to move HQ into the EU and businesses may be hit with WTO tariffs on imports and exports. It is more uncertainty and will probably last for years.