May urges 2-year Brexit transition to ease pain
florence — Prime Minister Theresa May on Friday outlined plans for a transition period of around two years after Brexit during which Britain would continue paying into the EU budget and accessing EU markets.
Delivering a speech in Florence, May said there would also be a continuation of European Union free movement rules during this “implementation period”, although EU citizens would be required to register. Preparations necessary for Britain to adjust to a new relationship with the EU after Brexit “point to an implementation period of around two years,” she said.
On payments, the British leader added: “I do not want our partners to fear that they will need to pay more or receive less over the remainder of the current budget plan as a result of our decision to leave.” —
florence — British Prime Minister Theresa May called on Friday for Britain to stay in the European Union’s single market during a roughly two-year transition out of the EU while offering concessions on a divorce deal as she appealed for a revival of Brexit negotiations.
In a speech in a 14th century church in Florence, May spent much of the speech drawing on the similar values of Britain and the rest of the EU. She said if the complicated talks to unravel more than 40 years of union should fail, the only beneficiaries would be those who oppose democracy, liberalism and free trade. But her concessions on her vision for a two-year transition period on Britain’s current membership terms, final financial settlement and legal protection of EU citizens rights when Britain leaves in March 2019 may still fall short of what the EU said was needed to move the negotiations forward.
The pound weakened about halfa-penny against the euro and threequarters of a cent against the dollar during her speech, underlining the sensitivity of the talks to markets and firms, some of which fear Britain could crash out of the bloc without a deal. “For while the UK’s departure from the EU is inevitably a difficult process, it is in all of our interests for our negotiations to succeed,” she told an audience of Italian business leaders and diplomats.
“If we were to fail, or be divided, the only beneficiaries would be those who reject our values and oppose our interests.”
In Florence, May drew on the history of an Italian city made wealthy by trade and banking during the Renaissance to underline her desire for Britain to become a major European trading power after leaving the bloc.
Her words were aimed at unlocking the first phase of negotiations with the EU, all but stalled over one of the most symbolically important questions: how much will it cost Britain, in hard cash, to end its EU membership in March 2019? Since triggering the divorce process, May has repeatedly said that Britain would honour its obligations but has also been under pressure from pro-Brexit supporters in her Conservative Party to reduce the bill or even bring it down to zero. —