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British Chancellor says Brexit may take longer than two years to complete

British Chancellor says Brexit may take longer than two years to completeThe Chancellor suggests a transitional arrangement may be needed to smoothly readjust trade market across Europe, Sky News.

Philip Hammond says the UK's future relationship with the EU may not be fully determined by the deadline for Brexit.

The Chancellor told MPs there is an "emerging view" among businesses, regulators and some politicians that the two-year timeframe after Article 50 is triggered may not be long enough to reach a "clear and firm end state".

Giving evidence at the Treasury Select Committee, he suggested a transitional deal may be required to prevent a sudden "cliff edge" change in trade arrangements which could cause financial instability both in the UK and across the continent.

"Having a longer period to manage the adjustment between where we are now as full members of the European Union and where we get to in the future as a result of the negotiations that we will be conducting would be generally helpful, would tend towards a smoother transition and would run less risks of disruption," Mr Hammond said.

Theresa May has promised to start the formal process for leaving the EU by the end of March 2017 which will spark a strict two-year countdown for the UK to negotiate a settlement with the trading bloc.
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