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.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.