Britain, EU reach deal on Brexit transition

Britain and the European Union on Monday reached a landmark deal on a transition phase that will last for nearly two years after the historic Brexit divorce next year, EU negotiator Michel Barnier said.

The two sides also agreed on a “backstop” solution for the thorny issue of the future of the Irish border, just weeks after Prime Minister Theresa May said no British premier could ever accept such an idea.

After an “intensive” weekend of talks in Brussels, Barnier said the two sides were “in agreement on a large part” of the divorce treaty governing the terms of Britain's departure after four decades of membership. “We have reached an agreement on the transition period,” Barnier told a press conference with Davis.

The transition will begin on Brexit day — March 29, 2019 — and last until December 31, 2020, and during that period, Britain “will no longer participate in the European Union decision-making process,” Barnier said.

“Nevertheless, it will preserve the benefits, the advantages of the single market and the customs union... and will therefore be required to respect all the European rules just like all member states do.” Davis told the news conference that the transition deal “gives the certainty demanded by businesses and citizens across Britain and the European Union.” Both sides wanted the transition deal in place so that it could be signed off by EU leaders at a Brussels summit later this week, allowing the unlocking of talks on the future British-EU relationship in April.

The purpose of the transition period is twofold: to give businesses and citizens time to adjust to life after Brexit, and to give Britain and the EU more time to agree on a trade deal.