The Treasury Committee has published a report which supports a time-limited “standstill” transition arrangement after the Brexit Article 50 negotiations are finished. It thinks it should be simple to negotiate these, to provide certainty as soon as possible and maximise the time available for longer-term discussions. The report also notes that, for the financial services sector among others, there will probably have to be an adaptation period after the end of the standstill period.
The report notes that, as from 30 March 2019, the two possible outcomes are a WTO-based “no deal” situation, or a temporary retention of the status quo through a standstill arrangement. It says it is critical to reach agreement on the transition as soon as possible, as firms are already planning for the no-deal scenario.