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Hammond says UK will seek three-year transitional Brexit deal

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Hammond says UK will seek three-year transitional Brexit deal

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British finance minister Philip Hammond has told business leaders he wants companies to have full access to the single market and customs union for two years after Brexit, followed by a further implementation phase, the Financial Times reported.

Hammond said he wants a simple “off-the-shelf” transition deal with the European Union that will maintain current trading relations with Brussels for two years. He then wants a further implementation phase to be in place while Britain negotiates a new trade deal.

Hammond, appearing on BBC television, did not confirm or deny the report but said it was important that companies could discuss all options with the government in a private setting.