A longer Brexit transition is pointless, dangerous, and plays straight into Mr. Barnier’s hands

Britain must accept and implement any new law or regulation foisted upon it by the EU machinery, without democratic consent. It is denied even the collegial ‘consultation’ accorded to EEA satellites, an added twist that reportedly caused much satisfaction at Task Force 50 in Brussels…

Under the terms, Britain must accept all rulings of the European Court (ECJ) - the same court deemed on Tuesday to be acting capriciously, ultra vires, and in breach of the Treaties, by the German Verfassungsgericht. 

The German judges refused to be bound by the rulings of the ECJ. They warned majestically that member states are “Masters of the Treaties”. They said assaults against “the principles of democracy” by EU institutions acting beyond their powers will not be tolerated. 

So we have the spectacle of a German court sweeping aside the ECJ’s assertion of supremacy yet Britain’s Supreme Court must obediently uphold all rulings in this strange neo-colonial limbo. It has become surreal. 

I can understand why many - including Brexiteers - think the economic storm of Covid-19 renders a swift exit too risky. But there is no mechanical linkage. Indeed, there are powerful financial and diplomatic reasons to conclude otherwise.

Few are aware of the machinations under way in Brussels to bail-out the now insolvent southern half of monetary union. Italy will emerge from this pandemic with a debt ratio near 155pc of GDP if all goes well…

The EU will have to switch to a genuine fiscal bail-out. Who will pay for that? Any country stupid enough to lock itself into a transition trap with no veto power. The EU’s €1.6 trillion Recovery Fund will be financed by seed money from the EU’s internal budget.

This will be ‘front-loaded’ by a special call on national treasuries in 2021 and 2022, effectively a surtax during the first part of next seven-year budget plan. The UK risks being sucked into this. It will lose the Thatcher rebate. Normal EU funding will not be recycled in our direction. 

This becomes a one-way transfer of very large sums.  Hence the zealous efforts by EU politicians to bounce the UK into requesting an extension, accompanied by faux consternation that Boris Johnson could dream of doing otherwise in these circumstances.