For the UK, trade is worth around 60 per cent of GDP, which is more than China or the US — but nowhere near Singapore. Part of that is about our size as the world’s sixth largest economy with a substantial domestic market. But we have particular strengths, especially in London, when it comes to services: we are one of the least restrictive when it comes to barriers to international companies — and on the back of attracting the smartest bankers, lawyers, traders and brokers from all over the world have become its second-largest services exporter. We now have the chance to do the same when it comes to goods: no tariffs on imports means cheaper input prices for factories, more competitive manufacturing and a more attractive place to invest.