Polico Europe has the scoop, based on documents outlining the EU negotiator’s views:

Brussels views its free-trade agreement with Canada as the only realistic model for post-Brexit trade with the U.K., scotching British Prime Minister Theresa May’s hopes of a far broader bespoke deal[…]

Sliding back onto a Canada-style trading relationship would be a big failure for May, who has acknowledged that the Brussels-Ottawa arrangement is greatly inferior to Britain’s current position in the EU’s single market.

Notably, the EU-Canada accord abolishes 98% of customs duties—but does not guarantee access to the common market for financial firms.

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