Philip Hammond, together with David Davies and Greg Clarke, has written an open letter to businesses setting out what the UK wants to see in the post-Brexit implementation period. The letter says the Government is clear that the UK and EU access to each other’s markets must continue on the current terms during the period so that there is one set of changes only, and those take place at the end of the period. The agreement relates to trade, business and freedom of movement of individuals. The letter says that the period should be time-limited, but that what the limit is should be set purely on the basis of how long it will take to make the changes. The Prime Minister has previously said this should be around 2 years.
Meanwhile, the Lords EU Financial Affairs Sub-Committee published its report on the future of financial regulation and supervision post-Brexit, and called for the Government to clarify urgently the outcomes it wanted from this phase of negotiations with the EU.