Brexit: UK will retain European Union rules during transition, says Hammond

Simon Dawson  Reuters

Businesses and investors had previously shared their concerns that Britain could crash out of the European Union without an exit deal, or that May's fragile government could collapse under the pressure of delivering Brexit.

While securing a deal in time for the UK's exit in March 2019 was realistic, he suggested that the next phase would be "more challenging and more demanding".

A British government official said the prime minister was approaching the next phase, which will discuss a transition period as well as the terms of the future trading relationship, "with ambition and creativity". She said she was on course to deliver Brexit and urged them to speed up the talks to unravel more than 40 years of membership.

"The UK and European Union have shown what can be achieved with commitment and perseverance on both sides".

The deal nearly fell apart last week, when May's Northern Irish allies rejected an initial agreement for fear that a promise to protect a free border with European Union member Ireland could separate their region from the rest of the UK. The four-page document includes the process for agreeing the terms of the transition period, which is expected to last two years after Britain's departure.

Asa Bennett, Brexit commissioning editor, and Brexit correspondent James Rothwell discuss what will happen next as the fraught negotiations move on to phase two.

The three-page document says the United Kingdom will remain under the jurisdiction of the European Court of Justice and be required to permit freedom of movement during any transition period.

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The EU's guidelines say the United Kingdom will "continue to participate in the customs union and single market" during the transition.

The document "calls on the United Kingdom to provide further clarity on its position on the framework for the future relationship".

THERESA May's hopes for striking a unique deal in the Brexit trade talks have been dealt a blow as the EU's chief negotiator warns the United Kingdom must "face the consequences" of leaving.

Conservative rebels have been concerned about plans to put the Brexit date and time - 11pm on 29 March 2019 - into law.

Austrian Chancellor Christian Kern went further, saying even a primary school student could see that the "first phase" deal on the Irish border would come back to haunt the talks because it was impossible for Britain to leave the bloc's single market while avoiding a hard border on the island of Ireland.

Giving his response, French President Emmanuel Macron said that in moving forward the European Union had maintained its unity, protected the integrity of the single market and ensured "compliance with our own rules".

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