After the UK voted to leave the European Union last summer, the new Prime Minister Theresa May explained what Britain's exit or Brexit means. Brexit means Brexit and we are going to make a success of it. To some that's like saying lunch is lunch. The world has

been waiting for more detail about the menu. Six months later that's what we got when the Prime Minister set out her view of a trade deal with the European Union.

I am equally clear that no deal for Britain is better than a bad deal for Britain.

But what does that actually mean?

I'm Linda Yu, and this is the inquiry. When Britain fires the starting gun on negotiations, it will have two years to reach an agreement

with the EU.

What Theresa May is saying is that if it gets to 11.59 PM on the very last day of those negotiations,

and she does not like what's on the table, she will simply walk away.

The morning after, Britain would have no agreement with the European Union.

But the British government says trade could continue

with the EU and other partners under WTO rules.

But what are those rules? And how would it work? In other words, our question

this week, what would no deal mean for Brexit Britain.

Part 1. Trading Places I have two small children now so I haven't been doing quite as much marching as I might have otherwise.

Our first expert witness is Emily Littgate.

She used to be an environmental activist protesting against trade deals, but then realized she could have more impact as a trade lawyer

and switch sides to policymaking.

She now lectures at the University of Sussex in the UK.

I've been studying trade for 10 years and I still find it to be quite a learning curve.

To understand why the British Prime Minister says no deal is better than a bad EU trade deal.

We're going to take you back in time.

It begins in a tiny island off the west of Europe, under whose flag lived today a quarter of the world's inhabitants.

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