The light has dimmed somewhat, EU are sounding pessimistic on the UK proposals and have instructed the 27 governments to prepare for a no deal Brexit with the UK trading under WTO rules.
Some people suggest that this is a negotiating ploy, this is unlikely, it’s more a case of preparing for the reality.
A prominent UK MP and leader of a group of pro Brexit MP’s, Jacob Rees Morgan, said today :
“I think we are heading to WTO and I think WTO is nothing to be frightened of.”
He too is echoing a realism that is beginning to dawn on all the players.
I’d say that most businesses are not in the least frightened of WTO, having said that the WTO will be a very changed body when Pres Trump has completed his first term. His ambassador, Denis Shea, stated in May past:
"The United States is not content to be complacent about this institution,”
He further commented:
“And the leadership that the United States will bring to the WTO in the coming months and years will consequently involve a good deal of straight talk and a willingness to be disruptive, where necessary, in the interest of contributing to a stronger, more effective, and more politically sustainable organisation.”
Part of the US strategy is to veto all new appointments to the Appellate Body, it’s supposed to have 7 Judges, by this Sept it will have 3 - the minimum number that causes it’s findings in any dispute to be enforceable. Often a Judge will have to recuse, if so then no case to answer, back to the old way - the stronger wins.
Edit: Sources LBC and Reuters