Mutual recognition is out and equivalence is in. The UK government’s latest white paper on Brexit marks the latest stage two years on from the start of the journey towards the European exit.

The white paper is a curious document. No one seems happy. It attempts to paper over as many cracks as possible, most of them political. It addresses the physical need to move goods around the union and deal with customs and tariff challenges but it does not address the needs of the services sector which makes up the bulk of the UK economy. Various City lobby groups, including the City of London Corporation, have lined up to voice their disappointment.