Brexit transition by end of 2020 — European Union negotiator

Brexit transition period will last until the end of 2020

She looks set to avoid a second parliamentary rebellion over plans to enshrine Brexit day in law, by agreeing to another amendment giving some flexibility to move the date - March 29, 2019 - if negotiations with the European Union go down to the wire.

The EU's current seven-year budget period winds up on December 31, 2020, making it financially simpler to disentangle Britain's debts and benefits, but leaving the transition period three months short of the two-year window that British Prime Minister Theresa May's government was seeking.

Chief EU negotiator Michel Barnier told reporters that any transition should be "short", "specific" and align with the bloc's budgeting process.

Mr Barnier said "time is going to be of the essence" if both sides were to agree on the transition and the shape of the future relationship between Britain and the European Union before Brexit takes full effect.

Prime Minister Theresa May last week secured a deal to move negotiations to the next stage, so that post-Brexit trade and a transition arrangement can be discussed.

May has already accepted in theory the continued jurisdiction of the European Court of Justice in the transition and that London will have no legal basis to conclude its own trade deals during the period.

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.

Ryanair and unions "agree to meet on Wednesday"
The Impact trade union is looking for further reassurances from the airline before calling off its planned walkout on Wednesday. Ryanair has said it is prepared to recognise pilot unions as it seeks to avoid strike disruption over the Christmas period.

Downing Street has said on Tuesday the PM will demand a "significantly more ambitious" deal than what the European Union has in place with Canada.

Given the potential pitfalls, "although May will be reluctant to extend Article 50 negotiations or the length of the transition. there is a significant probability she will have to", said analyst Rahman.

Mrs May responded to that point at PMQs today, saying: "We are not going to exclude Gibraltar from our negotiations from either the implementation period or the future agreement".

Separate negotiations on the post-Brexit relationship between the EU and United Kingdom will be presented for adoption by the leaders of the remaining 27 EU states at a scheduled European Council summit in March, said Mr Barnier.

In response to Barnier's warnings to the City, Carney said: "I don't accept the argument that just because it hasn't been done in the past, it can't be done in the future".

Guidelines covering the future relationship will be presented to the leaders of the remaining 27 states at a European Council summit in March, Mr Barnier said.

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