Britain formally left the EU in January 2020, following several months of delay caused by parliament voting against the divorce deal. Earlier this month, Boris Johnson agreed a new trade deal with Australia, the first since Brexit which doesn’t simply roll-over an existing EU deal.

Writing in the Sunday Telegraph, economist Liam Halligan pointed out the EU’s share of world trade is forecast to drop significantly.

Instead, he urged British business to focus on global opportunities, particularly with the Commonwealth.

Mr Halligan wrote: “The economic case for Brexit was also based on the shifting balance of the world economy.

“When the UK joined the European Economic Community in 1973, the bloc accounted for 38 percent.

Liam Halligan has urged British business to look for global opportunities

The UK formally left the EU in January 2020

“That figure is now just 15 percent, despite the EU today comprising far more members.

“Powerful demographic and technological trends ensure that, over the next two decades, 90 percent of global growth will happen beyond the EU.”

The UK has formally applied to join the Trans-Pacific Partnership (CPTPP).

This trading bloc contains some of the world’s most vibrant economies, including Japan, Canada and Mexico.

Anti-Brexit protesters outside Parliament

Mr Halligan noted this bloc is forecast to overtake the EU in size.

He said: “CPTPP is a trade agreement between nations accounting for 13 percent of global commerce.

“If Britain joins that would make 16pc – more than the EU27.

“What’s more CPTPP is primed for growth, its share of the world economy set to expand to almost 25 percent by 2050, by which time the EU will account for just 10 percent.”

The UK has signed a new trade deal with Australia

The Commonwealth contains some of the world's fastest growing economies

Whilst Britain formally left the EU in January 2020, it remained closely tied to the bloc throughout the Brexit transition period.

During this time, the UK remained part of the European single market, and implemented many laws made in Brussels.

It also continued making payments to the EU’s annual budget.

This arrangement was replaced with Boris Johnson’s new trade deal, struck on December 24.

The Daily Express campaigned passionately for Brexit

Under its terms, the UK regained its status as a fully independent trading nation.

However Northern Ireland remains closely tied to the European single market, with some checks on goods coming from Great Britain.

This has infuriated unionists, who argue it undermines their place within the UK.

There is fury in Northern Ireland over additional trade restrictions with

Loyalist rioting, which erupted across the province in April, was blamed in part on anger at this arrangement.

The UK has already unilaterally delayed implementing some checks, infuriating Brussels.

Mr Johnson has threatened to scrap the arrangement unless the EU shows greater flexibility.