During a transition period, the UK will surrender the privileges it currently enjoy.

I agree with Jacob Rees-Mogg, the leader of the hardline pro-Brexit faction of Conservative MPs. There. I’ve said it. I never thought I would — and I doubt I ever will again — but he is right about one crucial component in the Brexit puzzle: the transition period.

In a feisty exchange last week with David Davis, the Brexit secretary, Mr Rees-Mogg claimed that the UK will become a “vassal state” for two years or more if, as planned, the government agrees in the EU summit in March to abide by the rules, constraints and courts of the bloc while losing the rights and privileges that we presently enjoy as a full member state.

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