Background: John has a hedge fund, in New York. John's fund held a number of UK assets in its portfolio. He is wondering about the Brexit effect. Q: What type of trading arrangement would an independent United Kingdom have with the EU - would it remain in the single market and customs union or would it act as an entirely unconnected trade partner? If it did move outside of the single market, could the United Kingdom prosper and seize new opportunities as an agile trading nation, behaving like a larger Singapore, or was it doomed to suffer indefinitely from the loss of unrestricted trade with the 27 remaining EU nations? In details,