It contains a clear statement of what the problem with the Jersey option is, seen from the EU:
"Specifically, officials fear the UK could lure companies from India, Australia, Canada and so on to access the single market for goods even if they are really interested in providing services...
...This is because in a modern economy, goods and services are often intertwined: a new car is a good, but it will often come with a service, such as financing."
There is also the ominous news that HMG is back at its old trick of briefing against the Irish government across Europe. Which Dublin knows because the Europeans are telling them.
This is worrying, since it suggests that HMG still thinks that the EU26 can be persuaded to persuade the Irish to accept a hard border. We also saw this before the December 2017 agreement that ruled a border out. It suggests that there is still bad faith on the issue in London.
And that does indeed make no deal at all a real possibility. Hopefully the June Council will take the opportunity to warn all stakeholders, notably firms, that they cannot take a transition for granted and that they should be preparing for a cliff-edge Brexit.