Brexit: Customs Union or Customs Arrangement?

This FT clip looks at the post-Brexit options facing the UK, arguing that advisers are looking at whether it might be possible to enter a customs union with the EU.

The downside is that this might restrict the UK's ability to strike bilateral trade deals with other, emerging markets. 

Of course, there was no possibility that these sorts of arguments could have taken place prior to the Brexit referendum, providing us with a better-informed choice was there? Instead, we had to make do with utterly unsubstantiated claims on the side of a bus.

To quote Michel Barnier: "Without a customs union and outside the Single Market, barriers to trade in goods and services are unavoidable."