Tory MP Sir Oliver Letwin told Sky News negotiating post-Brexit trade deals with the rest of the world is 'desirable' but the UK should not fear to trade on World Trade Organisation terms. 

The MP for West Dorset said: “I don’t think this idea of trade deals with the rest of the world is terribly significant. I think it will take a very long time and will be very difficult."

“We get along perfectly happy without a trade deal with the United States, for example, I don’t see a great disadvantage.” 

He added: “This incidentally means that I don’t think that having an imperfect trade deal with the EU is a kind of catastrophe either. 

“I think it’s desirable to have one, but we shouldn’t be under the illusion that it an absolutely necessary thing for our economy’s survival.

“For many many years, Britain had no free trade agreement with anybody at all.”

He told Sky News’ Adam Boulton that trade deals under WTO terms or EU legislation are “desirable things, but we mustn’t hype them and if we’re going to pursue it seriously we have to pursue it in the knowledge that this is going to suboptimal and imperfect but doable if we are flexible and sensible.”

Sir Letwin was debating Brexit with former Shadow Secretary of State for International Development Mary Creagh.

The pair disagreed on the kind of deal would be the best outcome for the UK between the Canada style deal and the Norwegian one.

Sir Letwin said that despite recognising a Canada style deal with the addition of services trade as the ideal outcome, not having a trade deal would not be as detrimental as people might think.

The second phase of the Brexit negotiations has officially been announced on Friday by EU Chief Brexit negotiator Jean-Claude Juncker.

Trade talks are not expected to begin before next year and the EU is not convinced they will be finalised before March 2019 as Prime Minister Theresa May hopes.