UK urgently needs Brexit transition deal, and more time after that, lawmakers say

December 14, 2017

london-brexitLONDON (Reuters) – Britain urgently needs a “standstill” deal to keep its ties with the European Union unchanged in a post-Brexit transition period, and will probably need an adaptation phase after that for sectors such as financial services, a group of lawmakers said.

A transition agreement – which is widely expected to last for two years – must be done with Brussels “in a matter of weeks” to stop companies from moving more operations away from Britain, the cross-party Treasury Committee said.

“It is highly likely that, for certain sectors, including financial services, the ‘standstill’ transition period will have to be followed by an adaptation period,” the committee said on Thursday in a report, summing up its work so far on Brexit.

Many companies are drawing up contingency plans ahead of Britain leaving the EU in March 2019, given the lack of clarity about their future access to the bloc which accounts for nearly half of Britain’s exports.

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