A rather straightforward explanation of what the options are:
"In practice the EU will offer Britain only two possible deals. The first is to join Norway in the European Economic Area. This would preserve full access to the single market. But, like Norway, Britain would have to make a hefty contribution to the EU budget (Norway pays about 85% as much as Britain per head), observe all EU single-market regulations with no say in making them and, crucially, accept free movement of people from the EU. It is hard to imagine a post-Brexit government accepting this. The second is a free-trade deal like the EUís with Canada. Yet this does not cover all trade, does not eliminate non-tariff barriers, excludes most financial services and could take years to agree.
The other option for Britain is to revert to trading with the EU as America, China and India do, under normal World Trade Organisation rules. But most economists say this would make the economic damage from Brexit worse. It would bring back mutual tariffs on cars, pharmaceuticals, food and fish. It would reinstate many non-tariff barriers. And it would exclude most services, including financial services.
The pound slumped to its lowest level against the dollar since 1985. ... Most economists agree with the Treasury that the British economy is now likely to fall into recession."
It would be bad for everyone if Great Britain shrivelled into Little England... http://www.economist.com/news/leader...w-tragic-split