We have therefore covered a lot of distance in the marathon. However, one of the biggest and most complex of these hurdles to be resolved between now and March 2019, alongside our future immigration policy, our Customs Union arrangements and the border question with Ireland, to name but a few, is the future trading relationship between the UK and the EU27. As we enter phase two of the talks, this dominates as one of the major issues of the day.

To put it simply: under what terms will UK firms be able to access EU markets – and vice versa – after we have left the EU? For financial services currently UK based banks, insurers, asset managers and associated sectors benefit from passportin...