Hello and welcome. My name is Sophia Bash and you're listening to the CER podcast. Today I'll be asking five questions on Theresa May's difficult Brexit deals to Charles Grant, director of the CEO.

But actually Charles, I think it's going to be six questions today,

because you think that the British government is going to have to strike six deals.

There are at least six, Sophia. The first deal that has to be struck is the legal separation

of Britain and the European Union. Secondly, there has to be a free trade agreement looking

forward to the future economic relationship. Thirdly, there has to be a free trade agreement looking forward to the future economic

relationship. Thirdly, there has to be an interim deal to provide a legal framework for Britain's

relations with its partners between the time it leaves the EU and the much longer period

before the free trade agreement goes into effect. Fourthly, Britain has to become a full

member of the World Trade Organisation, which is far from simple. Fourthly, Britain has to become a full member of the World Trade Organisation,

which is far from simple. Fifthly, Britain has to find a way of creating bilateral agreements

with the 53 countries currently linked to the EU through free trade agreements, which become null and void the day Britain leaves.

And finally, it needs a separate set of negotiations to cover relations with the EU on foreign

policy, defence, justice and home affairs.

Right. Let's go through them deal by deal, I think. Of course, first of all, the divorce

settlement. Maybe just briefly your perception, when will Article 50 be triggered and what will be covered in the negotiations?

I guess Article 50 will be triggered sometime this winter. Once it's triggered, Britain has only

two years to complete the divorce settlement. It can be extended, the negotiations,

that can be extended, but our partners don't wish to extend them, I believe.

This divorce settlement will cover dividing up the assets, the properties, the institutions,

the pension rights, the budget payments, and it will crucially cover the rights of EU citizens

living in Britain like yourself and British people living in the EU. Right, so from divorce to new settlement, the second deal has to define the new relationship

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