TheCityUK presses for rapid progress as EU agrees transition period negotiation terms

The EU General Affairs Council will meet today (Monday) to adopt a new set of negotiating directives on Brexit transitional arrangements for the next stage of negotiations with the UK.

Ahead of this meeting, Miles Celic, Chief Executive Officer, TheCityUK, said,

The outcome of today’s meeting is critical. It will ultimately give Michel Barnier his marching orders to negotiate the all-important transitional deal businesses have all been waiting for. There is little time left. If we can’t get clarity on transition early this year, business will have to assume a disorderly Brexit and accelerate contingency plans to protect their customers and clients.

As we enter into phase 2 of negotiations, it is important the EU sets out its vision for the future relationship it wants with the UK. Our industry has been very clear on what it wants and how the best outcome could be achieved. We are yet to hear from the EU on what its objectives are and how they will ultimately benefit the European economy, European business and the financial costs facing ordinary consumers across the continent.

TheCityUK set out its vision for a Brexit transitional agreement in this two page briefing paper.

TheGeneral Affairs council’s negotiating directives are expected to be based on the following principles:

  • The transition period will cover the whole of the EU acquis (EU law).
  • The UK will no longer participate in the institutions and the decision-making of the EU.
  • The transitional arrangements must be clearly defined and precisely limited in time.
  • All existing EU regulatory, budgetary, supervisory, judiciary and enforcement instruments and structures will also apply, including the competence of the Court of Justice of the European Union.