EU warns UK to do a deal on post-Brexit of lose out on transitional phase
The EU has sent a signal that British Prime Minister Theresa May must first strike a deal for post-Brexit trade ties with the bloc or lose out on a transitional phase that banks and businesses want. As both sides prepare to face off in the new year, EU chief negotiator Michel Barnier told reporters in Brussels on Tuesday that there might be "some point" to granting British industries a period to adjust to the new arrangements after Brexit, but that would depend on a permanent trade plan being agreed. "What the future relationship may be may shed the light on the usefulness of a transitional period and may have an impact on the negotiations itself," Barnier said. "There would be some point and usefulness to a transitional period if it is the path to this new partnership." Welcome clarity While bankers and corporate executives would welcome clarity about the UK’s long-term plan and a transition to it, May is reluctant to give too many details early on that could hand a negotiating adv...
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