According to a report in today's Independent, the UK has already “agreed in principle” to a Norway-style Brexit transition period until at least December 2020. The report, which lacks formal confirmation, demonstrates the ongoing state of uncertainty for businesses in the UK.
Financial services firms are uneasy at the announcement yesterday that the government may not publish a position paper for Brexit on financial services. With only 14 months until the UK's formal exit date, some firms are already implementing their hard Brexit contingency plans. Businesses need clarification, but it does not seem to be forthcoming soon.
The UK has already “agreed in principle” to a Norway-style Brexit transition period in which it accepts all EU rules with no power to shape them, a senior figure in Brussels has told The Independent.