You are here: Home » International » News » Others
Business Standard

British PM Theresa May proposes two-year transition period after Brexit

Britain voted to leave the European Union in a referendum last year and is expected to leave the bloc in March 2019

Agence France-Presse 

Theresa May. Photo: Reuters
UK Prime Minister Theresa May. Photo: Reuters

Prime Minister on Friday outlined plans for a transition period of around two years after during which would continue paying into the budget and accessing markets.

Delivering a speech in Florence, May said there would also be a continuation of free movement rules during this "implementation period", although citizens would be required to register.

Preparations necessary for to adjust to a new relationship with the after "point to an implementation period of around two years," she said.

On payments, the British leader added: "I do not want our partners to fear that they will need to pay more or receive less over the remainder of the current budget plan as a result of our decision to leave.” "The will honour commitments we have made during the period of our membership," she said.

voted to leave the in a referendum last year and is expected to leave the bloc in March 2019.

The current budget goes until 2020 and pays around €10 billion into the budget every year.

May also made an apparent concession on the rights of nationals living in after Brexit, which officials have said should come under the jurisdiction of the Court of Justice of the

"I want to incorporate our agreement fully into law and make sure the courts can refer directly to it," she said, referring to the deal.

"Where there is uncertainty around underlying law, I want the courts to be able to take into account the judgments of the with a view to ensuring consistent interpretation."

May also said that it was "in all of our interests for our negotiations to succeed".

"If we were to fail, or be divided, the only beneficiaries would be those who reject our values and oppose our interests," she said.

First Published: Sat, September 23 2017. 02:41 IST