October 12, 2018 / 7:55 AM / 2 months ago

Temporary period needed between Brexit transition and long-term deal - Hammond

Britain's Chancellor of the Exchequer Philip Hammond delivers his keynote address at the Conservative Party Conference in Birmingham, Britain, October 1, 2018. REUTERS/Toby Melville

LONDON (Reuters) - Britain will need a period of continuity after the Brexit transition ends and before a long-term partnership negotiated between London and Brussels comes into force, Britain’s Chancellor of the Exchequer said on Friday.

“We’re not going to remain in anything indefinitely,” Philip Hammond told Bloomberg Television on the sidelines of an International Monetary Fund meeting in Bali, Indonesia.

“We’re very clear this has to be a temporary period, but it is true that there needs to be a period — probably following the transition period that we’ve negotiated and before we enter into our long-term partnership — just because of the time it will take to implement the systems required,” he said.

Hammond said rules for businesses should remain unchanged during that period. The earlier transition period after Britain leaves the European Union in March 2019 is due to last until the end of 2020.

Reporting by Costas Pitas, editing by David Milliken

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