The U.K. will pursue a so-called ‘hard Brexit’ from the European Union, Prime Minister Theresa May has said today. This will involve withdrawing from all EU bodies and pursuing a stand-alone trade deal. The biggest challenge for the U.K. may be that the EU does not have a unified approach itself, as shown by the negotiations for the CETA deal with Canada. Countries with a low exposure to trade with the U.K, such as France and Italy according to Panjiva’s analysis, will want a tough deal to discourage other countries from leaving. Those with a higher exposure, including Ireland a...