Brexit transition 'should end by 2021', European Union negotiator Barnier says

21 December, 2017, 01:30 | Author: Bert Pena
  • Boris Johnson leaves the Cabinet Brexit committee meeting
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But she looks set to avoid a second rebellion over plans to enshrine Brexit day in law, by offering some flexibility to move the date - March 29, 2019 - if negotiations with the European Union go down to the wire.

The EU has said it wants to have a free trade deal with Britain ready to go at the start of 2021, as soon as the transition ends.

Mrs May's comments came as the commission put forward proposals for a transition period which would last from Brexit day on March 29 2019 to the end of December 2020.

The cut-off date for the transition phase is contained in the EU's guidelines for the next phase of Brexit negotiations.

Chief EU Brexit negotiator Michel Barnier said that "all EU policies will still apply" during the transition to a new relationship between London and Brussels after Britain leaves the bloc in March 2019.

According to the BBC, EU lenders operating in Britain will not have to create subsidiaries based in the United Kingdom to carry on with their business even if London and Brussels fail to reach a trade agreement.

Chancellor Philip Hammond said: "I am confident that we will agree a deep and special partnership for the future with the EU27 and that we will soon finalise the terms of an implementation period that will ‎provide continuity as we move to that new partnership".

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Barnier appeared to throw the Brexiteers a bone on one of their key issues, however, saying that while Britain would be excluded from talks on fishing quotas during the transition, there would be "specific procedural arrangements" to give it a voice.

On top of that, he said, "all new rules adopted by the European Union during the transition will be applied to the United Kingdom", with the EU's highest court continuing to have authority.

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.

If foreign banks began leaving, the City's fabric would begin to unravel, industry officials have said.

This could lead to a political declaration in October 2018 outlining the shape of the future relationship, but falling some way short of the full free trade agreement of the type being sought by Mrs May.

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.

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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