BRITAIN’S PROGRESS AND TRANSITION
Hammond calls for rapid Brexit deal
London — British Chancellor of the Exchequer Philip Hammond said on Wednesday the value of a transitional Brexit deal would decline rapidly if talks dragged into next year, but said it was too soon to spend money on contingency plans. Negotiations on the terms of Britain’s exit from the EU have made slow progress before a March 2019 deadline. Talks on a transition period have not even yet begun. And, while Hammond thinks it is too early to begin enacting contingency plans for a failure to reach an agreement, EU diplomats and officials are putting renewed focus on preparing for a legal limbo after March 2019. Their efforts have intensified as Brexit negotiations stall on issues such as the bill Britain must pay to leave and the future of Northern Ireland’s land border with the EU. If progress does not pick up, Hammond said, a transition agreement would diminish rapidly in value. "It is self-evident to me … that a transitional arrangement is a wasting asset. It has a value today. It w...
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