They were not denying that leaving the EU was a massive blunder, costing UK plc a great deal, but they could now see real opportunities to grow faster than our European neighbours. All by imposing lighter regulation than Brussels across vital sections of the economy, with the Prime Minister pinning especially high hopes on the UK leading with artificial intelligence.
Donald Trump is no friend of multilateral alliances including the EU. This week he warned that “they’re going to get tariffs”, complaining loudly that Europeans don’t buy American in terms of cars, agricultural produce and energy.
For Europe the major economic consequences of his economic strategy will be collateral damage as global trade slows down.
Speaking at the Davos World Economic Forum, Šefčovič said the EU “could consider” allowing the UK to join the Pan-Euro-Mediterranean Convention, known as PEM. This allows goods to move across borders tariff-free and includes the EU, Switzerland, Norway and some North African nations.
Labour is keeping an anxious eye on the Reform UK voters breathing down its neck in more than 90 constituencies, but it is still, wisely, moving closer to the EU. Starmer is to attend a full meeting with his EU counterparts next month. There are a range of possible deals on the table over the coming years as the EU and UK reset and re-open formal relations – on veterinary standards, recognition of professional standards, Erasmus and movement of young people, carbon emissions and even fisheries. None of them will be easy.
The trick for the UK will be to diverge from the EU in other areas. Jonathan Reynolds, the UK Trade Secretary, has been quick to point out that, if it comes to it, this country could be largely exempted from tariffs on goods because our main export to the US is in services.
The UK now has one Trump card: Brexit
Read MoreStarmer says he wants a trade deal with the US. It would be political suicide for Labour to undercut farmers and import chlorinated chicken by doing the deal Trump has suggested on agriculture.
Trump has already issued executive orders to torpedo global co-operation on the taxation of multinationals. Rachel Reeves has it in her power to make the UK a more attractive base for trillion-dollar companies.
Adam Boulton presents Sunday Morning on Times Radio
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