This 'status quo' Brexit transition deal gives Theresa May some breathing space - but major collision over Ireland is imminent

As Sam Lowe at the Centre for European Reform puts it, since Mrs May is determined to leave the customs union and single market, businesses that deal with the EU are “far from sanguine”. Supply chains will still need to be reconfigured in short order; new business processes put in place and the inevitable coming frictions at the EU border will require adjustments. “While the cliff edge has been pushed back,” he says. “It is still very much on the horizon.”