There have been many leaps forward in history. Since Britain’s industrial revolution, nations have powered ahead thanks to government action. Now this country appears to be taking a great leap backward in leaving the European Union. Or at least that is the conclusion one would reach upon reading a damning House of Lords report on post-Brexit trade options. Noting the vote to “take back control”, peers caution over the balance between politics and economics. The more comprehensive the trade relationship with the EU, the greater the curtailment of national sovereignty Britain will bear. Little wonder that Theresa May wants a “bespoke agreement”. The trouble is, the possible options considered – a reformed European Economic Area membership; a customs union deal; a free trade agreement; and world trade rules – would leave Britain worse off. Little wonder that peers say a transitional deal would “almost certainly be necessary”, and urge ministers to publish “specific proposals as to what form it should take”. This should be obvious. Who would jump out of a plane first and think about organising a parachute afterwards?

None of this should surprise. The central sentence of article 50, the instrument by which Britain triggers its departure, is unambiguous: leaving the EU must take into account the framework for a future relationship. The world that Britain must prepare for will be one in which protectionist sentiment is rising and global deals on trade are a distant prospect. Brussels and Beijing spar over collapsing global green trade talks. Globalisation needs to answer its critics. The truth is we got richer but not as fast as others.

As the economist Richard Baldwin points out, since 1990 a century’s worth of rich nations’ rise has been reversed. The G7’s share of world wealth is now back to where it was in 1914 – and six developing nations account for the rich world’s decline. Our wealth in part came from cheap, unregulated Chinese labour harnessed by western technology. Britain faces a world of global supply chains – and its poorest regions must have ways of attracting a slice of jobs and investment. That might need a radical devolution of power in a new constitutional settlement. A post-Brexit Britain should argue for global minimum standards to regulate labour, tax havens and corporate wheezes like transfer pricing. Whatever happens next, Britain will need policies that share globalisation’s gains and pains fairly.