Warning on risks of access to EU market - The price will be the “unravelling” of the province’s position within the UK economy

With both the DUP and UUP supporting continued access to the EU single market, alongside unfettered GB-NI trading, Dr Esmond Birnie said we might not be able to “have our cake and eat it”.

He said: “Economics and hence business life, however, is all about trade-offs. Yes, there would be some gains if NI retained full access to the EU’s single market.

Economist: politicians may claim we can have our cake and eat it – but cost of EU market access is Irish Sea border and the 'unravelling' of UK integration

“But, against that, is the likelihood that Windsor Framework arrangements over the long run are likely to imply an unravelling of our previously very high integration into the rest of the UK.”

Yesterday, the DUP’s Sammy Wilson and Emma Little-Pengelly – both DUP party officers who will decide if and when the party returns to Stormont – set out differing views on whether NI could have EU market access.

Emma Little Pengelly says DUP wants to 'protect access to both' EU and UK markets - after Sammy Wilson says it's a choice

Mr Wilson said full dual access is not possible, while Mrs Little-Pengelly said the party wants continued EU market access alongside a restored UK internal market.

The UUP has also backed EU market access – saying that Stormont needs to be restored so that its “opportunities” can be exploited.