When Britain negotiated its exit from the EU, a simultaneous exit from the single market was a red line in the negotiations – but the prospect deeply divided the political spectrum. Its proponents argued it allowed the UK to freely negotiate global trade deals, while opponents said it kept Britain out of the source of its own booming economy.
Now, on the eve of yet another political overhaul, as the Conservative Party elects their new leader and the country’s next prime minister, attention is turning to the shape Brexit will take under new leadership.
Speaking to the political commentary podcast The Rest is Politics on the day of Boris Johnson’s resignation, former Prime Minister hopeful and staunch Remainer Rory Stewart said the UK could be ready for a “customs union Brexit”.
He said: “If you’re trying to rebuild the UK economy, a big pitch from the customs union could be a central part of rebuilding confidence.”
He explained to co-host Alastair Campbell: “Now people can see that the problems we face in Northern Ireland in particular, but also the problems we face with trade.
“We can see that the benefits of these independent trade agreements have been incredibly small and we are looking for a confident story.
“And finally, we can now see that, because of what happened to Russia-Ukraine, the ERG’s gamble that they could give up trade with Europe to trade with China… now looks very dodgy.
“No one wants to be exposed and completely dependent on trade with China. In fact almost all countries are trying to reduce their dependence on China.”
Following Boris Johnson’s resignation, the UK has a chance to restore relations with the European Union.
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This means that just two years after the UK gained independence, a new Prime Minister could try to rejoin the Single Market, the Customs Union and even the European Union.
Michel Barnier, the French official who negotiated the Brexit deal on behalf of the EU, said: “The departure of Boris Johnson opens a new page in relations with the UK.
“May it be more constructive, with more respect for the agreements made, especially with regard to peace and stability in Northern Ireland, and more friendly with partners in the EU.”
The UK’s decision to leave the European Union six years ago meant that the UK would no longer be part of the single market after the Brexit transition period.
The internal market ensures the free movement of goods, people, services and capital between EU Member States and countries within the European Economic Area, such as Norway and Iceland.
Northern Ireland remains in the internal market and is subject to EU regulation as part of the Northern Ireland Protocol.
Johnson’s successor will be tasked with solving the EU’s border with the UK on the island of Ireland.
Brussels has insisted that a border should exist between the Republic of Ireland and Northern Ireland for the sake of the single market, without jeopardizing the Good Friday Agreement.
Labor leader Sir Keir Starmer ruled out the prospect of a return of Labor to the single market, describing it last week as a “recipe for more divisiveness”.
Speaking to the think tank Center for European Reform, he said entering the single market “would distract us from tackling the challenges people face, and it would leave Britain stuck for another decade. ”
So what do YOU think? Should the next prime minister try to get back into the single market? Vote in our poll and join the debate in the comment section below†