British Prime Minister Theresa May said on Friday that a Brexit transition period will be agreed with the European Union in seven weeks as she tries to ease concerns that a deal may take longer to reach.
The EU has offered Britain a status quo transition until the end of 2020 after Brexit. Both sides are aiming to reach a transition agreement by the end of March that will form part of the final withdrawal treaty to be agreed later this year.
But there is disagreement inside May’s Conservative Party over some details such as the status of EU citizens during the transition and the scope of European Court of Justice jurisdiction.
Many businesses and banks are concerned a battle over the terms of a transition could delay or even sink an agreement just months before Britain exits the EU on March 29, 2019.