The fact that the IMF has warned that a “no-deal” Brexit on WTO terms would entail “substantial costs” for the UK economy, should be a chilling reminder of the dangers of such an outcome.

The IMF said that all likely Brexit scenarios would “entail costs”, but a disorderly departure could lead to “a significantly worse outcome” and added that the challenges in getting a deal done remained “daunting”.

There will be those that say that the IMF is capable of getting things wrong, but its mandate is to give a verdict based on what information is availabe at a given moment in time. Incientally, it expects Britain’s economy to grow by 1.5% in both 2018 and 2019 if a broad Brexit agreement is struck.