This is from the educational serial Extra English s01 (Hector’s Arrival). Here's a part of the script.

BRIDGET [reading email message] ‘Gigi!! Did you get my message? Please call me. Love, John. P.S: Did you get the flowers?’

BRIDGET Is he stupid?! (Writes email) ‘I told you last night, it’s finished. Sorry. B. (And don’t call me GIGI.)’

What is this contraction for - it's finished - it is or it was? (in this context).


In this context, the idiom "it is over" or "it is finished" is referring to a relationship. Only if the relationship were to change again (perhaps Bridget and John started dating again) would the status of the relationship change. At that point, someone might say "it was finished", since the state has changed.

"It is finished" is the correct interpretation.

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