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European Union wants Brexit transition to end December 2020

European Union wants Brexit transition to end December 2020

European Union wants Brexit transition to end December 2020

This means a transition period of around 21 months.

However, she claimed her reference to the need for a "smooth and orderly" Brexit in an earlier speech at Lancaster House in January made clear that this was what she had in mind.

Michel Barnier said that the "logical end" of a transition period must be December 31, 2020, giving Britain enough time to adapt to its situation outside the European Union and not too long to create further problems.

City of London policy chairman Catherine McGuinness called the proposals a "welcome bit of news to end the year for the City", with European Union banks playing a significant part in Britain's success in the industry.

He also revealed the Bank's plans are based on agreement being struck on a transition period by the end of the March next year.

That was in 1974, the year after Britain joined what is now the EU. "This is two years when practically both businesses and governments will be able to put in place the changes necessary to move from the current relationship to the future partnership we will have". Brussels has signalled a detailed trade deal is likely to take much longer, and that Britain's transition period must end by 2020.

The guidelines make clear the Commission expects the United Kingdom to continue to observe European Union rules and regulations during the transition while having no say over them.

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Barnier said that "there will be no transition a la carte".

He appeared to indicate Spain would have a veto on any transitional arrangements covering Gibraltar, saying decisions on the issue would be "made for the 27, unanimously, by consensus".

Given that Theresa May plans to trigger Brexit in March 2019, it means the United Kingdom would have less than two years to prepare for a full exit and complete a future trade deal with the bloc.

The BOE could not immediately be reached for comment.

Mrs May told the Cabinet she was seeking "a significantly more ambitious deal than the EU's agreement with Canada", her spokesman said.

"The pressure we have seen against sterling today is largely reflecting remaining uncertainties around Brexit negotiations", said Alexandra Russell-Oliver, a strategist at Caxton FX.

During a news conference in Brussels, Mr Barnier repeated the commission's stance that this must include accepting the jurisdiction of the European Court of Justice and allowing the free movement of people.

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