Boris Johnson tells EU he wants sovereignty - whatever the cost

"The difference between the May approach and the Johnson approach is that Theresa May always wanted to find a halfway house," said Sam Lowe, research fellow at the Centre for European Reform think-tank.

"She wanted a way of leaving the EU, giving the people who voted for Brexit what they wanted on the sovereignty front but mitigating the economic consequences.

"But the Boris Johnson approach is to say we're leaving the EU, we're going to go for a model that the EU acknowledges is on the table, a Canada-style free trade agreement.

"And, yes, there's going to be an economic cost but it's worth it because we'll have the freedom to intervene in the economy as we see fit and the freedom to strike free trade agreements, and in the long run it'll be worth it - trust us."