Brexit came that little bit closer this weekend, with the leaders of the EU27 signing off both the political declaration and the transition agreement. As has become the norm in the Brexit talks, more complexity has been introduced to the process, with long-simmering issues over fisheries and even the future of Gibraltar being added to the mix, even as the documents were signed. 

There are plenty of obstacles yet to be overcome if a deal is to be finalised. In reality, there are still at least five potential results, ranging from a disorganised no-deal fall-out to an extension of Article 50 and a second referendum. Even the best outcome promises heightened uncertainty for a long period, not only as a future trading relationship is hammered out, but as the implications for labour markets, procurement and regulatory convergence evolve.

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