Therese Raphael, Columnist

“No-Deal” Brexit Is Back as a Real Possibility

Sajid Javid’s comments on Britain diverging from EU rules make a skimpy trade deal more likely. In that case, would it be worth having one at all?

Alignment is not everybody’s cup of tea.

Photographer: Stefan Rousseau - PA Images/PA Images
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The U.K.-European Union trade talks haven’t started officially, but both sides are testing out negotiating lines. Britain is already coloring some of them red, setting up a fight later this year that will encompass the three Fs: fish, financial services and the freedom to diverge from EU rules.

To use another f-word, all three issues are fraught. But it’s the last of them that might blow up hopes for a quick trade deal.