The terminology around Brexit would be somewhat amusing if it were not for the fact that leaving the UK may well be the greatest politic change in a generation.

The BBC has recently released a guide to explain some of the common Brexit terms.  However, in reality they do mean very little.  What I might consider a Hard Brexit may be quite different from what you consider a Hard Brexit.

For example I might think a Hard Brexit means leaving the EU, stopping all migration, sending home all EU nationals living in the UK and leaving the European Customs Union.  In contrast your Hard Brexit might be similar in terms of migration, but allowing current EU nationals to stay and having a fair trade deal between the UK and the EU.

Unfortunately this over simplification by the press and politicians make Brexit sound easy.  The choice between Hard or Soft make it sound like we can choose the outcome just as easily as ordering a boiled egg in a hotel.  But just like in a hotel sometimes what you order is not what you get.

In order for the UK to get anything (short of cutting all ties entirely) we have to convince the other member states to agree.  Therefore negotiation will be required and wherever there is negotiation there will be compromise.

Some of these compromises have already been speculated about.  For example if we want free trade we may have to accept from movement of people.  This may have been the single biggest issue amongst those who voted to leave the EU any many will not be happy unless we get control of our borders back in our hands.

A comprehensive trade deal may be an alternative option, but these typically take years to conclude and many business may not be able or willing to wait that long, instead moving jobs offshore to other European countries taking their taxes and wider economic contribution with them.

Leaders of other EU nations also have their own issues to deal with.  A number of EU countries having growing anti-EU sentiment and there will be many who would like Brexit to be hard on the UK.  If leaving the EU can be shown to be economic suicide then the anti-EU movement in other countries is likely to dwindle.

There is likely therefore to be many issues which would not be a win-win for both the UK and Europe.  As such it is likely both sides will have to make compromises in some areas to get wins in others.  What these compromises might be only time will tell.