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    UK Finance Chief Hammond Backs Transitional Period to Smooth Brexit

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    Britain and EU After Brexit (116)
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    UK Chancellor of the Exchequer Philip Hammond admitted on Monday a transitional period might be needed to smooth the path toward Brexit.

    MOSCOW (Sputnik) — There is an "emerging view" among businesses, regulators and civil servants in Britain and EU mainland that "a longer period to manage the adjustment … would be generally helpful," Hammond said in parliament, as cited by The Telegraph.

    A transitional arrangement, he added, will make sure that the UK exit from the soon-to-be 27-nation bloc runs less risks of disruption, most importantly to financial stability.

    When asked whether this transition deal would extend the exit process beyond the early 2019 deadline, Hammond replied the two-year timetable would be "ambitious."

    UK Prime Minister Theresa May pledged to invoke Article 50 of the EU Lisbon Treaty before the end of next March, which will set the clock ticking on a two-year period of UK-EU exit talks.

    EU chief Brexit negotiator Michel Barnier said last week the European Commission expected Brexit talks to start a few weeks after it was officially notified and complete by October 2018.

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    Britain and EU After Brexit (116)

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