Photo: AA.
LONDON: U.K.’s Chancellor of the Exchequer Philip Hammond has told the members of the Treasury committee on Monday that he supported the idea of a transition period until the terms of a new relation with the EU are clearly set following the Brexit.
Hammond said that there was an emerging view among business regulators and politicians that having a longer period for adjustments would be helpful for a smoother transition.
“I don't think we should approach this on the basis that we need transitional arrangements, because I think we can only get to a situation where we have a transition if there is a genuine meeting of minds on both sides of this negotiation that they are beneficial," Hammond said during the televised meeting of the committee.
Britons voted in a referendum to leave the European Union on June 23.
Prime Minister Theresa May has said her government would trigger Article 50 of the Lisbon Treaty, which will officially start exit negotiations with the remaining 27 members of the bloc, but a High Court ruling said the move could not be invoked without parliament’s approval.
The U.K.’s Supreme Court took up a government appeal against the High Court ruling.
A decision is expected early January.
