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Brexit Officials Raise Prospect of Transition Deadline Slipping

  • British and European sides both aiming for late March
  • Businesses say they want the deal secured in first quarter
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The CityUK CEO Miles Celic says the transition deal is needed as soon as possible.(Source: Bloomberg)
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U.K. and European officials are concerned that a March deadline to pin down the crucial Brexit transition deal may slip, according to four people familiar with the situation.

Both sides are aiming to reach an agreement in late March on the terms of the two-year period that’s designed to help businesses and institutions prepare for the change in rules that Brexit will bring. That would be one year before Brexit day and businesses have said that if it takes much longer they’ll start activating their worst-case plans.