UK May Need 3-Year Transition After Brexit: Treasury Chief - NBC10 Boston
National & International News
The day’s top national and international news

UK May Need 3-Year Transition After Brexit: Treasury Chief

Many businesses accuse the government of sending mixed signals about Brexit

Find NBC Boston in your area

Channel 10 on most providers

Channel 15, 60 and 8 Over the Air

    Winter Olympics PyeongChang 2018 Medal Count
    Country
    Total
    1
    Norway
    13121035
    2
    Germany
    137525
    3
    Canada
    97824
    processing...

    NEWSLETTERS

    5 to Watch: Women's Figure Skating in Primetime
    AP Photo/Matt Dunham
    Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, to attend Prime Minister's Questions at the Houses of Parliament, Wednesday, June 28, 2017.

    Britain's Treasury chief says the country will abide by some European Union rules for up to three years after it officially leaves the bloc in March 2019.

    Philip Hammond says a transition period is needed "to get from the status quo today to the new normal." He says the transition should end before Britain's next election, scheduled for 2022.

    Many businesses accuse the government of sending mixed signals about Brexit. Officials say Britain will leave the bloc's single market and customs union, and end free movement from EU countries.

    But officials also say the changes, which have huge economic implications, won't happen overnight.

    Hammond told Sky News on Friday that a transition period will let businesses "go on operating normally" while Britain works out its post-Brexit relationship with the EU.