Mr. Niall Cody:

Regarding the full range of possibilities, obviously, this is a political process and a political agreement if it provides for the UK retaining certain elements of the Single Market or the customs union. The possibilities range from this to the UK having the status of a full third country outside the Single Market and customs union - presumably, if this is by agreement after a transitional arrangement. No sensible agreement would not involve some nature of transitional arrangement for something that will happen in April 2019 or whenever. Systems would not be in place. Considering the systems we will have to implement, the UK will be leaving the Union so it will have to have a full framework in place. If there is to be some form of agreement - and, presumably, there will be - the likelihood is that there will be transitional arrangements. Any transitional arrangement can vary by sector.