Brexit: Hammond tells MPs UK cannot afford economic costs of no deal Brexit – Politics live
Rolling coverage of the day’s political developments as they happen, including day three of the Commons Brexit debate
My colleague Jessica Elgot has more on the cabinet minsters going into Number 10 to see Theresa May. (See 1.52pm.)
Cast list is Smith, Lidington, Gauke, Hammond, Rudd, Bradley, Leadsom, Fox, Barclay and Gove
On the subject of the value of trade deals, it is worth flagging up this chart from the government’s Brexit economic impact analysis (pdf) – which confirms that the government does disagree with David Davis. (See 2.02pm.)
It shows how, under various Brexit options, some economic factors would be good for growth (they are the shaded blocks above the line) and others would be bad for growth (the ones below the line). The gains to the economy from new trade deals are relatively minuscule compared to the extra costs generated by the UK being outside the single market or the customs union.