MOSCOW (Sputnik) — Woods added that the companies that were likely to be affected by Brexit would appreciate a transitional deal as it would allow a smoother procedure.
"I think it would reduce the risks… It’s in the interests of all parties to have a reasonable implementation phase," Woods said, addressing the Treasury Committee at the UK parliament, when asked about the possibility of a transitional deal.
On Monday, UK Chancellor of the Exchequer Philip Hammond admitted a transitional period might be needed to smooth the path toward Brexit.
On December 9, Brexit Secretary David Davis was reported to have said privately that the transitional agreement would only hinder the UK departure.
On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. The results found that 51.9 percent of the voters, or 17.4 million people, decided to support Brexit, while about 16.1 million voted to remain in the European Union.