Thread by @Usherwood

On extension of transition, we have an unresolved text for art.132, which points to lack of agreement on how hold an extension should be

1/

As expected, it's a one-off, fixed term model, consistent with the legal advice that the EU can't infringe its usual treaty provisions fro third-state relations

2/

However, there's also text in Art.18(2) that suggests a one-year period is in mind

3/

(the joy of big, long texts)

4/

Assuming that's the direction of travel, we're still going to have have big cliff-edge issues in late 2021

5/

Plus no word on how the extension of transition will work with the 2021-7 MFF, where the UK would be drawing down funds like a MS for the first year.

Probably one for later negotiation

6/

Overall, we've seen as much movement on transition extension as was likely, but it'll still almost certainly not be enough time, so backstop(s) will be a big thing in our coming futures

/end