From a joint newspaper article by Chancelloer Hammond and Trade Minister Fox on Saturday:

  • Britain's Brexit transition period will be "time limited" and designed to avoid a "cliff edge"
  • Britain will leave EU in March 2019 and will also leave customs union and single market
  • Brexit transition period cannot be back door to staying in the EU
  • Britain will be a 'third country' not party to EU treaties during Brexit transition
  • During Brexit transition borders must continue to operate smoothly, firms must be able to hire EU workers

Reuters with the report, and the full piece was in The telegraph, Britain will not stay in EU by the back door, Philip Hammond and Liam Fox jointly declare

Well, at least it appears there are two ministers agreeing on something. MS mentioned earlier in the week rifts within the Conservative Party have become visible again, which will be one factor to weigh on GBP.

Liam Fox