Jeremy Corbyn’s set out Labour’s plan for Brexit

The speech set Labour apart from the Conservatives and has already got kudos from businesses

The leader of the Labour Party, Jeremy Corbyn, has set out his party's position on Brexit. He's confirmed that the Labour Party would seek a new trading agreement with Europe, pretty much like the one we have already.

What it means: Labour's backing the UK forming a new trading relationship – called a customs union – with Europe after it leaves the EU, and keeping all the protections over things like the environment and workers' rights.

Generally speaking, countries add charges called onto goods and services from other countries, to incentivise people to support their country's businesses instead. Joining in a customs union means both countries agree to scrap tariffs on goods from each other's countries. Labour wants to keep that, but without actually being part of the full 'single market' – it sounds a bit having-your-cake-and-eating-it-too, but to be fair to Labour, it's what countries like Norway and Turkey have agreed with the EU.

Whether this position will influence what the government says to the EU is still TBC. The Conservatives are against a customs union at the moment, and Labour MPs are torn between saying this position is going against what Brexiteers voted for, and saying it's not going far enough. Remember that time we said "omg it feels like Brexit's could go on forever and ever?" Still applies.

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