Daily Management Review

Transitional Brexit Deal Desired By UK., Says UK Leader Theresa May


Transitional Brexit Deal Desired By UK., Says UK Leader Theresa May
U.K. Prime Minister Theresa May failed to provide solid details on what this period would ultimately look like even while she said that her government wants a transition phase before her country leaves the EU completely.
Adapting to a world where the United Kingdom no longer belongs to the EU will require some amount of time for businesses and citizens, said May speaking to an audience in Florence, Italy. She said that a new immigration system which could take two years to implement will be one of the key changes.
"It will take time to put in place the new immigration system required to re-take control of the U.K.'s borders. So during the implementation period, people will continue to be able to come and live and work in the U.K.; but there will be a registration system – an essential preparation for the new regime. As of today, these considerations point to an implementation period of around two years," May said.
Such a transition period should be agreed as soon as possible and be time-limited, May added.
"And at the heart of these arrangements, there should be a clear double lock: A guarantee that there will be a period of implementation giving businesses and people alike the certainty that they will be able to prepare for the change; and a guarantee that this implementation period will be time-limited, giving everyone the certainty that this will not go on for ever," the prime minister stated.
During the proposed transition period, EU law will continue to be applied in the U.K. — something that might not please some Brexit voters, the EU said while agreeing to work on a transition period, the European Union said at the start of the Brexit negotiations.
"Markets might find some comfort in the promise that Britain will pay its dues and could de facto stay inside the single market for the two year transitional period, but as expected, there is still no detail on the key issues that could take the negotiations forward in a serious way," Kallum Pickering, senior U.K. economist at Berenberg, said.
"May looks to be keeping herself in the safe zone ahead of her party conference next month," he added.
A "creative and practical" solution for the country's exit from the European Union should be sought by both sides of the negotiation table, the prime minister said.
"We can do so much better than this," she said.
The hole that the U.K. will leave in the European budget once it leaves the bloc on March 29, 2019 has been one of the biggest worries for many EU members.
Even though she didn't specify any figures, May reiterated that London will fully comply with its financial commitments to the bloc. That bill will be 60 billion euros ($71.86 billion), at a minimum, initial calculations from the EU suggested.

Science & Technology

Over 500 Genes Impacting Intelligence Identified By Scientists

MIT Scientists Say It Could Be Just 13 Years For Commercialization Of Nuclear Fusion

Apple patents MacBook with a keyboard screen

Vero: An Instagram killer?

Wacky Weather Causes ‘Split In The Polar Vortex’

Smart And Adaptive Artificial Eye Developed By Researchers At Harvard

NASA’s Mars Mission To Make Use Of Cold War-Era Atomic Rockets

Israel Completes Mars Habitat Simulation Experiment

Just $24 Earned By Hackers From The Huge Cryptojacking Campaign Conducted Last Week

New Molecule That Quickly Fights Cancer Cells Identified By Swedish Scientists

World Politics

World & Politics

Christine Lagarde: there’s no winner in trade wars

10 best countries for freelancers

Alarming Concerns Or Driving Force Towards Green Energy? – Bitcoin Growth Comes At Environmental Cost

Catalan authorities refuse to greet the King of Spain

Ten Top Politicians To Be Investigated By Greek Parliament On Charges Of Taking Bribes From Novartis

The cloudy future of Saudi Arabia

Australia To Welcome Britain On The Latter’s Interest In Joining TPP

South African President Zuma Finally Resigns, New President To Be Elected Soon