What's the difference between a single market and a free trade agreement? Watch this video.

Now that we have voted to leave the EU, a key choice for the UK is whether we want to remain part of the EU's single market, or to negotiate a free trade agreement with the EU. 

This video from the National Institute of Economic and Social Research (NIESR), produced before the referendum vote, talks through what the difference is and what this means for the UK. 

The video is based on research by Dr Angus Armstrong at NIESR. 

The single market is still far from complete for many service sector industries. We've written more about this here. 

Update 15 July 2016

We added in the last paragraph about the single market in services.