BREXIT JARGON EXPLAINED . . .

Single market – The EU operates as one territory so there are no tariffs, quotas or tax on goods/services moving within what is also known as the internal market. The single market has 500 million consumers.

Customs Union – This ties countries into paying the same tariffs on imports from outside the EU. Essentially it means the EU negotiates trade deals as a bloc. The UK wants out of the customs union so that it can make individual deals with countries such as the USA.

Hard Brexit – This is used to describe a scenario where the UK essentially crashes out of the EU. It would require a physical Border on the island of Ireland.

Soft Brexit – In a soft Brexit scenario, the UK would maintain extremely close ties to the EU. There would be no requirement for a Border on the island of Ireland. ‘Hotel California’ Brexit – This is a new one based on recent rows in the UK. Critics say Theresa May was essentially agreeing that the UK would check out of the EU – but never actually leave.

Backstop – This would see the UK maintain ‘regulatory alignment’ with the EU in order to avoid a physical Border on the island on Ireland.

Frictionless border – A favourite phrase of Theresa May’s. It means allowing business on the island of Ireland to continue without customs checks or other obstructions to trade between the North and south.

Max-fac – This is short for ‘maximum facilitation’. It involves using all the latest technology to minimise border checks.