The mark of a good business deal is that it leaves both parties a little unhappy. If my post-bag after Theresa May’s Brexit speech in Florence is anything to go by, that makes it hugely successful. There are those who would like to have told the EU to get stuffed a year ago, who view the Implementation period as a sell-out. They do not want to pay a penny of any kind now or in the future no matter what our legal obligations may be. And there are those who hoped that the speech would have marked the beginning of the end of Brexit and they too are disappointed that our three main ‘redlines’ – over the European Court of Justice, Immigration and the Single Market/Customs Union - have held firm.

The speech has enabled the negotiations to resume, and offered a mildly conciliatory note to the Messrs Juncker and Barnier, while keeping all bar the most rabid of Brexiteers on side. There are of course details to be clarified.

First, I am quite content that there should be an Implementation period- to ensure our relatively seamless departure. But I am uneasy that it might last ‘about two years’. It must be two years to the day. And surely we cannot be subject to any new rules and regulations which the EU create during that period, when, after all, we will no longer be members and therefore unable to influence decisions. We must be subject to the EU rule book as it is in March 2019 and not thereafter. And surely we must be allowed to deregulate and sign our own trade deals during that period?

Second, I do not mind paying our dues during that period, but am uneasy about Mrs May’s commitment that we should ‘honour our obligations’. What are they? And what do we get in return for that commitment?

Third, I am happy with the notion that we ‘Register’ immigrants during the Implementation period (which we are perfectly entitled to do anyhow under existing EU immigration rules.) And a mutually convenient arrangement for residents in the EU and Britain thereafter seems fair. But that mutual agreement must be subject to British Law and British Courts, and the ECJ must have no say in it (even if British judges continue to ‘take note’ of its views).

So it strikes me as being a reasonable offer both from the point of view of we Brexiteers, and also those who are seeking a ‘softer’ Brexit than some of us would like. It is quite a business-like compromise. Of course we have no idea whether or not- or to what extent the EU will accept what she has proposed. This must not be an ‘opening offer’ which then slips under negotiation. We should know more within the next week or two how the EU reacts. But if they do not do so, then we should in my view still ready ourselves for departure with’ no deal’ (which remains in my view much better than a ‘bad deal’.)

Overall it’s a good step forward, and I broadly welcome the Florence terms, but I will be scrutinising events from here like a hawk.