Industry calls for urgent clarity on May's Brexit transition plans

Need to avoid City flight

Industry experts have warned plans for a two-year Brexit transition agreement could face practical obstacles and opposition, but stressed any such deal must be reached urgently to avoid further uncertainty and a possible flight from the City.

The plans, laid out by Prime Minister Theresa May late last month, would see current EU laws and regulations continue to apply for two years after negotiations are due to complete in March 2019. They will be presented as part of a wider pitch for the formation of a new economic and security relationship between the UK and the EU post-Brexit. Pound sinks and FTSE soars as May delivers Florence Brexit speech May said a transition period would give businesses "valuable certainty", and arrangements for such an agreement should be made "as early as possible". Commenting on the Prime ...