Theresa May is guaranteeing businesses a "phased" move into Brexit

 
Mark Sands
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The UK voted to leave the European Union on 23 June. (Source: Getty)

Prime Minister Theresa May has promised to avoid a "cliff-edge" transition to Brexit, while stressing she hopes to have reached a deal within the two year Article 50 process.

May has said she will begin Brexit talks by the end of March, and speaking at Lancaster house today, she reiterated that the government does not want to extend that process beyond Spring 2019.

Read More: LIVE: Theresa May outlines her Brexit plan

"From that point onwards, we believe a phased process of implementation, in which both Britain and the EU institutions and member states prepare for the new arrangements that will exist between us will be in our mutual self-interest.

"This will give businesses enough time to plan and prepare for those new arrangements," she said.

The Prime Minister said this could include topics such as migration, or regulatory frameworks for financial services.

Read More: Hard Brexit will need longer transition, City policy chief warns

"For each issue, the time we need to phase-in the new arrangements may differ. Some might be introduced very quickly, some might take longer. And the interim arrangements we rely upon are likely to be a matter of negotiation," she said.

May also guaranteed a vote in parliament on the final terms of her negotiation with the European Union, and stressed that the UK could not remain a member of the Single Market.

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