Yes he has a point. The "Chequers" plan will see the UK permanently as a vassal state of the EU. Among (many) other things it involves:
“The UK will "maintain a common rulebook for all goods" with the EU, including agricultural products, after Brexit.” [So basically UK manufacturers who have no dealings with EU countries will still be bound by EU standards].
“A treaty will be signed committing the UK to "continued harmonisation" with EU rules - avoiding friction at the UK-EU border, including Northern Ireland.” [As above]
“Parliament will oversee the UK's trade policy and have the ability to "choose" to diverge from the EU rules, "recognising that this would have consequences".” [And what will we do when those “consequences” have been clarified]
"Different arrangements" will be organised for services "where it is in our interests to have regulatory flexibility".[Which the EU will not countenance, so one proviso that is in our favour will be quietly ditched]
“…decisions by UK courts would involve "due regard paid to EU case law in areas where the UK continued to apply a common rulebook". [Again, as above]
“The borders between the UK and EU will be treated as a "combined customs territory". [Thus keeping us in “a” Customs Union if not “The” Customs Union]
“The UK would apply domestic tariffs and trade policies for goods intended for the UK, but charge EU tariffs and their equivalents for goods which will end up heading into the EU.” [So, collecting their taxes for them – a bureaucratic encumbrance]
There are stacks more besides this in the 100 page document (of which I’ve read about a quarter). The package – even if it were accepted in its entirety by the EU, which it hasn’t a chance of – involves the UK acquiescing to just about every condition of our current membership. It’s quite right to describe it as a “suicide vest”. The only difference is that suicide vests usually take out the person who activates it.