he OBR pours cold water on hopes for a big boost from the Pacific trade deal. / Have you ever wondered how the UK, based firmly in the north Atlantic, managed to join the free trade area known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)? After all, as the name suggests, it is for countries around the Pacific.

The European Commission has adopted a draft memorandum of understanding to create a framework of financial services regulatory cooperation with the UK.

The government hail it as “momentous” - it’s just a simple memo with no extra money or cut in tariffs.