The present legislative position is based on a lie, and used for other purposes. The Americans won't complain when we repeal it (how can they – they didn't pass their own version) and it is deeply disturbing that English people are extradited to face a court jurisdiction when they have not broken English law.
The last Government told us that it needed a new extradition treaty with the US in order to combat terrorism. We were told that we were passing it first, and that the Americans would introduce match legislation immediately thereafter. This is clearly all based on a lie. The ASmericans did not pass the matching legislation, so they clearly consider it unimportant. It has not been used to extradite any terrorists – as far as I know. All that it has been used for it to persue businessmen who have (the Americans claim) offended their laws (but perhaps not English law).