Could Labour build closer EU trade ties and would this increase growth?

Cargo trucks in Dover heading to the EU. Some sectors could benefit significantly from reduced friction at the border. Photograph: Anthony Harvey/Rex/Shutterstock

The Bank of England governor, Andrew Bailey, used his Mansion House speech on Thursday to say Brexit had undermined the UK’s economy and to urge the government to improve relations with the EU, for the sake of growth.

Could Labour pull the UK closer to the trading bloc – and would it make much difference to economic growth?