1. We are currently staring over the precipice of no deal. Everyone, including many of those who argued for Brexit, understand the damage it would do, especially at the same time as the Covid economic crisis and the end of the transition period. We are facing a perfect storm.

2. It’s pretty clear now that the level playing field is the cause of the deadlock. It seems that the UK and the EU have already agreed a non-regression clause – ie that both sides won’t reduce existing standards on things like environmental protection and workers rights.

3. But the issue is what happens if EU standards diverge from ours in the years ahead and vice versa. In other words, how do you make sure that the playing field that both sides run out onto on 1 Jan remains level in the years ahead?

4. In the Political Declaration both sides signed up to robust level playing field commitments to “prevent distortions of trade and unfair competitive advantages.” That’s why both the UK and the EU should want a mechanism for ensuring that the terms of trade remain fair.

5. The other consideration is that trust was undermined by the row over the Internal Market Bill. Seeking to renege on part of a Treaty you negotiated a year ago is not a very good idea, especially when you’re trying to negotiate a new Treaty with the same partners now.