Daisy-chaning extension leads is not inherently dangerous but there are some caveats.
2. Loop impedance. If you extend beyond even a modest length, where the circuit is not equipped with RCD protection, the resistance of the earth cable becomes high enough that in the event of a fault that gives someone a shock, the fuse or circuit-breaker won't work fast enough to stop the shock in time to be safe. This does not really apply where an RCD is providing protection, as this can deal with faults even when the resistance of the cable is high.
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I agree with your other points but I would of thought the 13 amp fuse in the plug top would be good enough to cover the disconnection time . Unless of course the extension lead was realy long .