The best thing to say about the UK kicking off preliminary trade talks with Australia is that they’re a start. In that they show Britain is looking to do business around the world, they’re a welcome signal in the wake of the vote for Brexit. Given that some have taken the referendum to be a sign of Britain slamming the door shut, any talk which counters this false narrative is refreshing. Yet there’s also a danger of overhyping the significance of such a deal. And it’s worth reminding ourselves that signing such an agreement won’t be the answer for all of Britain’s troubles.
The statistics make it clear that a trade deal with Australia would only cover a very small fraction of the UK’s dealings with the rest of the world. Exports from Britain to the EU, were worth
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