Cazenove's Jeffrey: Underneath the bonnet of Brexit Britain

There are many barometers of health for the world economy. However, none is more important than trade, writes Richard Jeffrey, chief economist at Cazenove Capital.

At one level, trade and the exploitation of comparative advantage enhance global growth and wealth; however, at another level, trade also exposes weaknesses in economic architecture, both in the international framework and in a more local context. Improving growth through creating a level playing field for trade flows within the free trade area has been and remains a core objective of the European Union. However, the EU has always had a slightly schizophrenic attitude towards free trade, in that it often behaves in a highly protectionist fashion with countries outside the area.  Th...