Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Britain should consider longer EU exit process if needed: lawmakers

Published 03/17/2018, 08:05 PM
Updated 03/17/2018, 08:10 PM
© Reuters. An umbrella with EU and British flags attached to it is held ahead of a speech by Britain's Prime Minister Theresa May in Florence

By Sarah Young

LONDON (Reuters) - Britain should consider a limited extension to its exit process from the European Union if needed to ensure details of its future relationship with the bloc are agreed, a committee of lawmakers said in a report.

Prime Minister Theresa May formally notified the EU of Britain's intention to leave by triggering Article 50 of the membership treaty on March 29 2017, setting the clock ticking on a two-year exit process.

Britain has said it wants to have the basis of a trade deal set out with the EU by October, but the Exiting the EU Committee said in a report published on Sunday that deadline would be tight.

"In the short time that remains, it is difficult to see how it will be possible to negotiate a full, bespoke trade and market access agreement, along with a range of other agreements, including on foreign affairs and defense cooperation," the committee said.

"If substantial aspects of the future partnership remain to be agreed in October, the government should seek a limited extension to the Article 50 time to ensure that a political declaration on the future partnership that is sufficiently detailed and comprehensive can be concluded."

The report also said the length of any post-Brexit transition agreed between Britain and the EU should be possible to prolong if necessary.

Britain has said it is confident it can reach a deal on the transition period at an EU summit later this month. It expects the transition to last around two years after its departure date, although the European Union has said it should be shorter, ending on Dec. 31, 2020.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The Exiting the EU committee, made up of lawmakers from all the main political parties, also called on the government to present a detailed plan on how a "frictionless" border between Northern Ireland and the Republic of Ireland would work.

The Irish border is a key sticking point in negotiations between the UK and the EU, as Britain has said it wants to leave the customs union but does not want a "hard" land border with customs checks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.