Web Only: the best of the blogs

The five must-read blogs from today, including why the UK is falling out of the EU.

1. Britain, not leaving but falling out of the EU

Cameron did not stop France and Germany from going ahead with what they are proposing, writes the Economist's Bagehot. That's not wielding a veto, that's called losing.

2. 'Nervous' Lib Dems toe the line on Europe

What Lib Dems are really waiting for is to see what happens when parliament returns on Monday, says Kiran Stacey at FT Westminster.

3. Cameron didn't sign EU deal because it's not in the interests of the one per cent

Cameron acted in the interests of the City of London, not Britain, says Shamik Das at Left Foot Forward.

4. Sarkozy told Cameron: "You can't have an offshore centre taking away Europe's capital"

Gary Gibbon warns that the French President is expected to renew his efforts to clip the City of London's wings.

5. Cameron's big opportunity to bring the Conservative family together

This could be a healing moment for the Tories, says ConservativeHome's Tim Montgomerie.

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Cabinet audit: what does the appointment of Liam Fox as International Trade Secretary mean for policy?

The political and policy-based implications of the new Secretary of State for International Trade.

Only Nixon, it is said, could have gone to China. Only a politician with the impeccable Commie-bashing credentials of the 37th President had the political capital necessary to strike a deal with the People’s Republic of China.

Theresa May’s great hope is that only Liam Fox, the newly-installed Secretary of State for International Trade, has the Euro-bashing credentials to break the news to the Brexiteers that a deal between a post-Leave United Kingdom and China might be somewhat harder to negotiate than Vote Leave suggested.

The biggest item on the agenda: striking a deal that allows Britain to stay in the single market. Elsewhere, Fox should use his political capital with the Conservative right to wait longer to sign deals than a Remainer would have to, to avoid the United Kingdom being caught in a series of bad deals. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.