A ‘status quo’ transition deal is to be announced at this week’s European Council, helping lift cloud of uncertainty for firms on both sides, negotiators confirm.
Carolyn Fairbairn, CBI Director-General, said: “Agreeing transition is a critical milestone that will provide many hundreds of businesses with the confidence to put their contingency planning on hold and keep investing in the UK.
“This is what businesses have been calling for since last summer. It brings a welcome gift of time for firms on both sides. While some sectors may need more than 20 months to prepare for post-Brexit life, this is a victory for common sense that will help protect living standards, jobs and growth. It shows what can be achieved when people and prosperity are placed above politics and ideology.
“With a year to go, this breakthrough must set the pattern for the future. Other hurdles on the Brexit path now need to be cleared in the same spirit, including urgent resolution of the Irish border.
“A year ago both sides ruled out an early transition deal; today both sides have agreed one. The voice of prosperity and evidence from the business community is being heard. This spirit of compromise must be maintained, as tough choices lie ahead on the route to a final deal.”