00:00 It was always clear that in leaving the EU single market that there would be additional frictions at the border
00:07 and that has taken a long time to actually be implemented and today is the day.
00:12 But in the meantime, since leaving the EU, we've signed up to 70 free trade deals with other countries around the world,
00:19 including being the first European nation to sign up to the Trans-Pacific Partnership,
00:24 which is the part of the world from which up to 50% of global growth is forecast to come in decades to come.
00:31 So that's incredibly valuable to the UK.
00:34 We've also seen other freedoms in, for example, our financial services sector,
00:38 where we've been able to introduce the Edinburgh reforms and we've reformed Solvency 2,
00:42 which means that we'll have up to 100 billion of new investment into infrastructure in our economy.
00:49 So there are huge advantages of the Brexit freedoms, but as I say, leaving the EU single market was always going to lead to increased friction
00:58 because it's no longer one market.
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