Trea­sury chief says UK may need three-year tran­si­tion af­ter Brexit

The Guardian (Charlottetown) - - BUSINESS -

LON­DON — Bri­tain’s Trea­sury chief says the coun­try will abide by some Euro­pean Union rules for up to three years af­ter it of­fi­cially leaves the bloc in March 2019.

Philip Ham­mond says a tran­si­tion pe­riod is needed “to get from the sta­tus quo to­day to the new nor­mal.” He says the tran­si­tion should end be­fore Bri­tain’s next elec­tion, sched­uled for 2022.

Many busi­nesses ac­cuse the govern­ment of send­ing mixed sig­nals about Brexit. Of­fi­cials say Bri­tain will leave the bloc’s sin­gle mar­ket and cus­toms union, and end free move­ment from EU coun­tries.

But of­fi­cials also say the changes, which have huge eco­nomic im­pli­ca­tions, won’t hap­pen overnight.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.