Re: So, to sum up. . .
We don’t *owe* it. That’s your spin on it, but factually it is untrue.
If we owed it, according to international law, then failing to pay it would be a default on debt.
It had been determined *not* a default , and therefore not a legal debt.
It (May be) a debt of honour. Goodwill, ex gratia, to preserve future relationship with EU. Much, indeed the majority, isn’t even costs already incurred, rather it is what we said we *would* fund for 2020-2021 spending. “Said” as in “legally non-binding commitment”.
So, nobody but a moron will expect us to pay legally non-binding bills for 40bn in future. But nobody but a moron would expect that anyway, from any country. Do you think that Italy is likely to pay its 400bn Target2 obligation anytime soon?