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Firms only have to obey those rules that apply to them. So newsagents and chippies don’t have to worry about rules on, say, olive growing.

Summary: We’d be the desperate ones. Our exports to the EU constitute 13% of our GDP, but the EU’s exports to Britain are just 3% of its GDP.

UK bears brunt of blame, for example by resisting tougher EU anti-dumping duties against Chinese steel. Quitting would make things worse.

In worst case, City will lose passport to operate in EU. In best case, we'll have to adopt EU rules without a vote.