Britain's Chancellor of the Exchequer, Philip Hammond, has said that Britain wants to avoid sharp transition after Brexit, which would lead to confusion among entrepreneurs.
According to Hammond, the UK will lose access to the EU single market and will exit the customs union. He is believed to have expressed his view of an “off-the-shelf” model for a post-Brexit transitional period to maintain trading conditions with Europe for at least two years after Brexit. However, Hammond did not comment on that.
According to the official, the transitional period will benefit both the EU and Britain, allowing the UK to adjust its economy. In addition, British ministers need to realize the problems the UK’s companies will face after Brexit. Last week, the European Commission said that talks on a possible transitional period could begin only after solving the main issues on the country's exit from the European Union.
