March 12, 2018 / 12:56 PM / 2 months ago

Britain very close to Brexit transition deal with the EU -minister

LONDON (Reuters) - Britain is very close to agreeing the details of an implementation period with the European Union for its transition out of the bloc, junior Brexit minister Robin Walker said on Monday.

Britain has said it will adhere to EU regulations for a time-limited period after it leaves the European Union in March 2019, and hopes the details of this transition, or implementation, period, will be finalised at a summit with the EU on March 22-24.

“We recognise how important it is to secure the deal on the implementation period as soon as possible. I want to stress that we are very close to a deal at this time,” Walker said in a speech at the Institute of Directors in London.

Britain says the implementation period will give businesses certainty heading into next year, as the rest of Britain’s future relationship with the EU is yet to be agreed upon.

A spokesman for Prime Minister Theresa May said earlier that Britain was still confident it could reach agreement with the EU on a transition period after Brexit at the EU summit this month.

Britain has said it expects the transition period to last around two years after its departure date, although the European Union has said it should end earlier, on Dec. 31, 2020.

Reporting by William James; Writing by Alistair Smout; Editing by Stephen Addison

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