Theresa May's hard Brexit hinges on a dated vision of global trade

Now, Britain has the lowest level of productivity in the G7

A landmark speech by Theresa May, the prime minister of the UK, setting the direction of the country for its foreseeable future appears to place Britain firmly outside of the EU. May has finally made it clear that Brexit means leaving the European single market – and the customs union – ensuring that Britain has complete control of its trade and borders.

However, what seems clear at first sight is perhaps more complex. The prime minister has left a number of core issues very open. She seems to want to a form of customs union with the EU,