I think it would benefit both, but the UK needs to decide what it wants. The rest of the EU27 already said that the door remains open if the UK changes its mind. It’ll be through the regular process, with tough negotiations, but the EU is always open for business and always has been.
I believe you have to accept the four freedoms and ECJ oversight to join the single market, all of which were red lines for the UK during the brexit negotiations.
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