British Prime Minister Theresa May Proposes Two-year Transition Period After Brexit

On Friday, Theresa May, the British Prime Minister laid out here plan regarding a transition period of around two years after Brexit. During this period, Britain would continue accessing European Union markets and paying into the EU budget.

May delivered a speech in Florence, Italy. She announced that there would be a continuation of European Union free movement rules for the duration of this “implementation period”, although citizens of the European Union would be obliged to register.

Necessary preparations for the adjustment of Britain to a new relationship after Brexit with the European Union “point to an implementation period of around two years,” said the prime minister.

Regarding payments, Theresa May said: “I do not want our partners to fear that they will need to pay more or receive less over the remainder of the current budget plan as a result of our decision to leave.

“The UK will honour commitments we have made during the period of our membership,” said PM May.

In a referendum in 2016, Britain voted to withdraw from the European Union. It is expected to leave the bloc in March 2019.

 

The present EU budget goes until 2020. Britain pays approximately 10 billion euros into the budget each year.

May also made a possible concession regarding the rights of European Union nationals living in Britain after Brexit, which officials from the EU have said should come under the supervision of the European Union’s Court of Justice.

“I want to incorporate our agreement fully into UK law and make sure the UK courts can refer directly to it,” said the prime minister, referring to the deal on Brexit.

“Where there is uncertainty around underlying EU law, I want the UK courts to be able to take into account the judgements of the European Court of Justice with a view to ensuring consistent interpretation.”

May also stated that it was “in all of our interests for our negotiations to succeed”.

“If we were to fail, or be divided, the only beneficiaries would be those who reject our values and oppose our interests,” said May.