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Philip Hammond signals backing for 'transition period' to ease UK's Brexit pain Philip Hammond signals backing for 'transition period' to ease UK's Brexit pain
(35 minutes later)
Chancellor Philip Hammond has given a strong indication that he supports some form of transitional arrangement allowing a "longer period" for the UK to adjust to life after Brexit.  Chancellor Philip Hammond has given a strong indication that he supports a transitional arrangement for the UK's departure from the EU, to allow a "longer period" to adjust.
He said that the view among "thoughtful politicians" is that it would make separating the UK from the EU a smoother process in the long run. Challenging Tories who want a fast and hard Brexit, he said the view among "thoughtful politicians" is that an extended period to decide and phase in changes would make separating Britain from the EU a smoother, less risky process.
Speaking to the Treasury Select Committee he said: "There is an emerging view among business, among regulators and among thoughtful politicians as well as, I think, quite a universal view among civil servants on both sides of the English Channel, that having a longer period to manage the adjustment between where we are now, as full members of the European Union, and where we get to in the future, as a result of the negotiations that we will be conducting, would be generally helpful.” His words at the Treasury Select Committee, going further to shed light on the Government's thinking than any minister so far, also move beyond what Prime Minister Theresa May has said.
As things stand the UK will have a two-year period after triggering Article 50 in March to conclude talks and reach a deal on Britain's future relations with the EU, meaning Brexit will take place in the spring of 2019.
But many politicians suggest reaching a comprehensive deal in that time may not be possible, and have mooted the idea of a longer period after initial talks finish to complete long-term arrangements.
Mr Hammond said: "There is an emerging view among business, among regulators and among thoughtful politicians as well as, I think, quite a universal view among civil servants on both sides of the English Channel, that having a longer period to manage the adjustment between where we are now, as full members of the European Union, and where we get to in the future, as a result of the negotiations that we will be conducting, would be generally helpful.”
He also said that the UK and other EU states should aim to agree that a transitional deal will be adopted soon after Article 50 is triggered.
So far, Ms May has only indicated that she wants to avoid a "cliff edge" of sudden changes to regulation for businesses.
More to follow....More to follow....