Britain's trade options after Brexit - no easy way out

London

BRITAIN'S status as a trade power has become one of the most contentious issues in the European Union membership referendum on June 23.

The uncertain outlook for exporters, and the implications for investment in Britain, are driving much of the nervousness in financial markets where the pound has weakened sharply. "In" campaigners, led by Prime Minister David Cameron, warn that Britain's economy would suffer if it lost its unfettered access to the EU's single market of over 500 million consumers.

Britain would lack negotiating muscle for any new deal, they say, because 44 per cent of its exports go to the EU compared with 8 per cent of the EU's exports that go to Britain.

On its own, Britain would also struggle to secure deals with non-EU countries, the…