Brexit 'transition period' must be complete by December 31, 2020, EU says

Wednesday, December 20, 2017

The European Union has said the UK's Brexit transition period should not continue beyond December 31, 2020.

The condition was laid out this morning by the EU's chief Brexit negotiator, Michel Barnier.

Barnier said the Brexit process must be fully complete by this date, in order to comply with the EU's budgetary requirements.

Barnier also said that the UK will retain all the rights and obligations of a full EU member-state during this period.

"During the transition period, the UK will keep all benefits but also all the duties of the single market, customs union and common policies," Barnier said.