Agreement for Brexit Transition Period Promised by Ministers by End of March

Photo by Jeff Djevdet/Flickr

An open letter to businesses was written by three top ministers. In the said letter, they promised to finalise a Brexit transition agreement by the end of March.

Yesterday evening, Philip Hammond, the Chancellor of the Exchequer, Greg Clark, the business secretary, and David Davis, the Brexit secretary, co-signed the said letter to business leaders.

The three ministers said that both the government of the United Kingdom and the European Union wanted to agree on a transition period during the first quarter of this year.

The letter clarified that there would only be a sole set of changes for Brexit, which will occur at the end of the transition period of around two years.

In the time before that, they wrote that “the UK’s and the EU’s access to one another’s markets should continue on current terms.”

“Of course this will require both parties to continue to act in good faith, reflecting the spirit of our future partnership,” said the ministers. “But it is the right way to give businesses certainty, and avoid unnecessary disruption.”

According to the letter, citizens of the European Union will also be able to retain the right to live and work in the United Kingdom during this period.

“As the Prime Minister has made clear, we will introduce a registration scheme for new arrivals in preparation for our future immigration system, but this will not place any new burdens on businesses during the implementation period.”

The intervention of the three ministers happened as a committee of the House of Lords warns that firms are possible to uproot their business in the United Kingdom if the government fails to clarify its Brexit plans soon.

This week, the chief executive warned that the Brexit plans of the company would soon reach the point of no return, with their staff making the relocation to Frankfurt.