The electoral arithmetic of Macron’s victory means a bumpy ride

SIR – Though Emmanuel Macron has won the French presidential election by a considerable margin, much of his apparent support is a mirage. Given that something like 47 per cent of French jobs are either in government service or directly depend on government, Mr Macron’s version of Project Fear was to suggest that Marine Le Pen would damage such employment and pensions.

With abstentions from the poll, plus 11 per cent of papers spoilt, and 34 per cent who voted Le Pen, it is not hard to see that more than half of France is disenchanted. Macron’s is a hollow victory and I suspect summer will, if anything, be even more unsettled. Dorian Wood Castle Cary, Somerset SIR – I admire Mr Macron’s ambition for a strong, united Europe. I am wary of his intent to make the economic life of British citizens as hard as possible through the Brexit negotiations. Hugh Ellwood

Lytham St Annes, Lancashire SIR – As a law firm partner with 30 years’ experience advising on types of incorporated and unincorporated bodies, I am puzzled that there has not been a stronger challenge to the EU’S approach to calculating what is due from Britain on Brexit.

It is fair that we should shoulder part of the costs incurred by the EU while we were part of it – but we should also get credit for a share of the assets we helped pay for and are leaving behind. An analogy is to see the EU as a partnership in negative equity. A departing partner might be required to contribute to accrued liabilities but generally not liabilities that will accrue in the future and only after offsetting the fair value of the assets left behind.

Brexit is often compared to a divorce, but if it is, there should be no expectation of alimony. The member states will keep the house.

We might need to contribute something if there is negative equity, but that something should be a share of the negative equity, not of the full mortgage. According to the 2015 accounts, the EU holds assets of some €153.7 billion against liabilities of some €226.1 billion. If the total net liabilities are €72.4 billion, some of the figures suggested for our fair share of those liabilities appear to be outlandish. Nicholas Thompsell London W4 SIR – Roger Bootle (Business, May 8) exposes the stupidity of thinking that trade on WTO terms is other than a very acceptable Plan B.

Plan A is for Britain to offer an agreed sum to help cushion the impact on the EU budget, perhaps £30 billion over five years, on the strict condition of a comprehensive free trade treaty.

If the EU does not agree in principle this year, the Government must assume Plan B will be needed, and should prepare plans on that basis. It should not let negotiations extend into the last months of the two-year interval before we leave. John Sharp

Great Glen, Leicestershire