European Union wants Brexit transition to end December 2020

Reuters

Reuters

The Prime Minister said she was working to get a full deal negotiated before Brexit day, but acknowledged it can not be signed until after the UK's withdrawal, expected on March 29 2019.

Legislation meant to smooth Britain's exit from the European Union moves a step closer to becoming law on Wednesday, as ministers begin working out what they want from Brexit.

He said that the deadline of December 31, 2020 was "logical" as it would avoid the complications derived from the United Kingdom still being subject to the bloc's rules and obligations once the EU's next multi-annual budget kicks in on January 1, 2021, Efe news reported.

The cut-off date for the transition phase is contained in the EU's guidelines for the next phase of Brexit negotiations.

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.

"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.

European Union leaders last week agreed to open the second stage of Brexit talks, after approving an interim deal on Britain's financial settlement, expatriate rights and the Irish border.

Britain officially leaves the EU at midnight on March 29, 2019, but negotiator Michel Barnier said its European partners would accept a transition period to help prepare for Brexit that should only last until the end of 2020.

International Monetary Fund chief Christine Lagarde said in London on Wednesday that Britain's economy was "losing out" as a result of last year's vote to leave the European Union, but that any post-Brexit trade deal could help ease the pain.

The Bank of England, seeking to protect the City of London's status as a global financial hub, said it would spare European banks costly capital rules after Brexit but warned of "consequences" if negotiations with Brussels turned sour.

Britain will need a transition after Brexit that will avoid businesses having to adjust to new rules and regulations twice.

She repeated that Britain would be leaving the EU's single market and customs union, but said the transition arrangements were "a practical matter that most people will understand and appreciate".

This could lead to a political declaration in October 2018 outlining the shape of the future relationship, but falling some way short of the full free trade agreement of the type being sought by Mrs May.

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