Brexit transition period must end by 2021, says Barnier

Brexit transition period must end by 2021, says Barnier

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.

The Governor added the Bank decided not to take a "glass half empty" view on the outcome of talks, despite warnings from Europe's chief Brexit negotiator Michel Barnier that Britain can not have a special deal for the City of London.

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.

British Prime Minister Theresa May had asked for the transition to last around two years.

She told her cabinet on Tuesday that Britain's objective in leaving the European Union should be a deal that enables it to set rules suited to its situation.

But the precise terms of the transition phase are the subject of the next set of negotiations. Rulings of the European Court of Justice will continue to apply, the EU said.

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.

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The transition period would amount to three months less than what Britain initially sought but the date dovetails with the beginning of a new multiannual budget which would leave Britain totally out of it.

"That is what we are working to and that is what I believe we can do", she said.

He appeared to indicate that Spain would have a veto on any transitional arrangements covering Gibraltar, saying decisions on the issue would be "made for the 27, unanimously, by consensus".

He said future ties between the European Union and Britain should focus on the economy - drawing up but not finalizing some kind of trade arrangement - aviation cooperation because Britain has left the EU's common airspace arrangements, justice cooperation and bilateral cooperation on defense, security and foreign policy.

The cabinet did not discuss the stance of European Commission chief negotiator Michel Barnier whose vision of a trade agreement similar to that struck with Canada in 2016 differs sharply from Mrs May's demand for a bespoke United Kingdom deal delivering a "deep and special partnership".

Brussels meanwhile has repeatedly warned Britain that it can not expect to leave the EU's single market and customs union, and maintain all its benefits.

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