Eurosceptics who call for Britain to withdraw from the EU often suggest that we would be better off just being a member of the European Economic Area (EEA), like Norway, Iceland and Liechtenstein.

I’ve always found this a strange argument because the EEA simply extends the single market to these non-EU countries but as non members they do not have a vote on any of the legislation which sets the rules for that market and which they incorporate into their own law. If they don't like an EU propsal, there is precious little they can do about it.

This is a point that Eurosceptics who constantly fret over Britain’s supposed loss of sovereignty might like to consider.

Furthermore, EEA countries are also required to contribute to the EU budget, with the most recent cost to Norway estimated to be around a billion euros over five year.

Calculating in population terms Britain's contribution in that situation would be about 13 billion euros over five years, but also not getting any back through EU spending in Britain!

So realistically, if Britain did ever leave the EU we would inevitably have to sign trade agreements with the EU (which is, after all, where most of Britain's trade is) and then abide by rules we had no influence over and pay for the privilege!