UK Lawmakers Seeking Brexit Transition Deal

Prime Minister Theresa May must strike a temporary transition deal with the European Union, British lawmakers warned, as they raised fears that a post-Brexit free-trade agreement will be impossible in the “extremely tight” timetable for talks.

May needs a “game plan” for a transition accord before she triggers the formal start of Brexit negotiations under Article 50 of the Lisbon Treaty, two committees on the EU in the upper, unelected House of Lords said in a joint report on Tuesday.

“It is unlikely that a bespoke EU trade agreement can be agreed within Article 50’s two-year period, so a transitional deal is vital for protecting U.K. trade, and jobs that rely on trade,” Sandip Verma, who heads one of the panels, said in a statement. “The complexity of the issues and the tight timetable require a significant scale-up in capacity in government departments and clear leadership.”

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.