In a summary paper on transitional arrangements, TheCityUK clearly sets out what is at stake for both the UK and the EU if a credible political agreement on transition, supported by all the relevant regulators, cannot be urgently reached. Without this in place, more firms will be forced to accelerate their contingency plans, with significant international investment and jobs likely to leave Europe as a consequence. [...]
The paper makes the case for transition to be as close as possible to the status quo. This would provide continued mutual market access, avoid two sets of costly adaptation phases, and see the UK accept all of the rights – and obligations – of the Single Market in line with EU law during the transition period. It must also cater for new as well as existing business and ensure that existing contracts will continue to be serviced and honoured.
Ultimately, in the long term the UK cannot be a rule-taker in relation to its domestic regulation. Equally, the transition period must be long enough to finalise the new relationship between the UK and the EU27, including the conclusion of an ambitious and comprehensive UK/EU free trade agreement and the design of the new regulatory framework accompanying it.
Full paper
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