Chancellor: We need more than two years for Brexit deal

Would allow for 'smoother transition'

Jayna Rana
clock • 1 min read

Chancellor Philip Hammond has warned the UK will not be able to leave the EU in just two years without posing a serious risk to a number of areas including financial stability.

The Chancellor is calling for a transitional deal to help ensure a "smooth" Brexit, with "less risks of disruption" just a week after Michael Barnier, the EU's chief negotiator for Brexit, said a deal should be reached by October 2018. In favour of prolonging the negotiations, Hammond suggested paying for access to the single market for around two years after leaving the EU, according to The Telegraph. The Treasury Select Committee defines transitional arrangements as "any arrangement that takes effect between the point at which the UK formally leaves the EU...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read
Advisers urged not to let clients 'act too soon' ahead of Budget

Advisers urged not to let clients 'act too soon' ahead of Budget

Communication is about ‘staying calm and keeping clients focused’

Isabel Baxter
clock 22 October 2024 • 5 min read
Why the Bank of England needs to stop over-sharing

Why the Bank of England needs to stop over-sharing

'We are used to the comments of central bankers moving markets'

Laith Khalaf
clock 17 October 2024 • 4 min read