British PM hints at transitional Brexit deal
British Prime Minister Theresa May on Monday sought to calm business nerves over Britain’s impending exit from the European Union (EU) by hinting at a possible transitional Brexit deal.
Speaking at a Confederation of British Industry (CBI) conference, May tried to reassure delegates that her government would avoid uncertainties after Article 50 is invoked to trigger the formal two-year period for negotiations with the 28-member economic bloc. “People don’t want a cliff-edge; they want to know with some certainty how things are going to go. That will be part of the work that we do in terms of the negotiation that we are undertaking with the European Union,” she said.
“As we look at the negotiation we want to get the arrangement that is going to work best for the UK and the arrangement that is going to work best for business in the UK. And I’m conscious that there will be issues that will need to be looked at,” she added. Many business lobby groups in the UK have been pushing for an interim deal to let them trade in the same way post-Brexit.
There is a fear that with UK’s exit from the economic bloc complete, UK businesses will be faced with unfavourable WTO terms.