Brexit CONCESSION: Hammond and Davis agree UK will be TIED to EU during transition period
THE UK will remain tied to the EU during the Brexit transition period with Philip Hammond and David Davis assuring businesses the country will “maintain continuity” with Brussels.
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The Chancellor and Theresa May’s Brexit secretary, along with Business Secretary Greg Clark, have admitted the UK would operate within the “existing structure of EU rules and regulations” during the two-year period.
The trio sought to assure worried business leaders with an open letter published today - although their tactic may rankle with hard-line Brexiteers who believe a transition deal, regardless of the terms, is unnecessary.
In a show of unity following Cabinet rifts over Brexit, Mr Hammond, Mr Davis and Mr Clark today said EU laws will remain "common to both parties" during the transition to start after formal withdrawal in March 2019.
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This meant firms only have to adapt to one set of rule changes at the end of the implementation period, rather than two in the case a raft of separate, temporary rules were introduced at the start.
In the letter, the trio of senior ministers said maintaining continuity of rules will require the EU and UK to "act in good faith" and reflect "the spirit of our future partnership".
The ministers said their intention is to "mimic the breadth of our current arrangements, from goods to agriculture to financial services, meaning that every business, small or large, will be able to go on trading with the EU as it does today until it's time to make any changes necessary for the future partnership".
The UK will also work with the EU to ensure Britain is covered by more than 750 international agreements, including trade deals, signed between Brussels and countries outside the union.
EU citizens will also be free to "live and work" in the UK during the implementation period of "around two years" and have "no new barriers to taking up employment", except having to register with the authorities.
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They added: "This will not place any new burdens on businesses during the implementation period."
It comes after Mr Davis said he will seek the establishment of an "appropriate process" for the UK to object to any new laws introduced during transition in a bid to allay Brexiteer concerns over having to follow EU rules without having any say in drawing them up.
