UK naive to expect easy ride in Brexit trade talks, says Lords report

Lords Brexit reports: Cross-party peers accuse ministers of misunderstanding nature of free trade and overestimating negotiating position

Britain is naive to expect a "free lunch" in trade negotiations with the EU, according to a scathing House of Lords report that calls for a transition phase to ease the pain.

"The notion that a country can have complete regulatory sovereignty while engaging in comprehensive free trade with partners is based on a misunderstanding of the nature of free trade," said the cross-party group of peers.