Japan trade deal is small beer – but a welcome distraction

Agreement offers more for its symbolism than what Britain stands to gain economically

The international trade secretary, Liz Truss, said it was a historic moment and in a way it was. For the first time since leaving the EU, Britain has struck a free trade deal and with the world's third biggest economy - Japan - at that.

In practical terms, the agreement is small beer. On the government's own estimates, the impact will be to boost the size of the UK economy by 1.5bn. Given that Britain's annual output is about 2tn, that represents less than 0.1% of gross domestic product. What's more, it will take time for the benefits to show up.