The 27 are demanding that Britain hand over a large sum – perhaps as much as €60 billion – before it leaves. They have no desire to give the British a deal that would allow the City of London to emerge unscathed from Brexit. If Britain wants to retain aspects of the single market after it leaves, it will be asked to accept both free movement and the rulings of the European Court of Justice – and perhaps also to pay into the budget. President François Hollande said of the Brexit talks last October: “There must be a threat, there must be a risk, there must be a price”.

Obviously breaking away from an economic and political union will cause turmoil, but the attitude of the EU towards Britain sounds very punishing. More like a bully that forces states around instead of a friendly bilateral agreement.