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| Version 1 | Version 2 |
|---|---|
| Chancellor urges Brexit interim deal | Chancellor urges Brexit interim deal |
| (35 minutes later) | |
| Chancellor Philip Hammond has backed a transitional deal for Brexit saying it would be "helpful" to allow longer than two years for the UK's EU exit. | Chancellor Philip Hammond has backed a transitional deal for Brexit saying it would be "helpful" to allow longer than two years for the UK's EU exit. |
| Mr Hammond told the Treasury select committee that there was an "emerging view" that having longer would tend towards a "smoother transition" . | Mr Hammond told the Treasury select committee that there was an "emerging view" that having longer would tend towards a "smoother transition" . |
| There would be "less risks of disruption" including "risks to financial stability, he added. | There would be "less risks of disruption" including "risks to financial stability, he added. |
| However, both business and government would have to make changes, he said. | However, both business and government would have to make changes, he said. |
| "I would not want anybody to think this is just about financial services," Mr Hammond told MPs. | "I would not want anybody to think this is just about financial services," Mr Hammond told MPs. |
| "For example, depending on what future customs arrangements are between the UK and European Union, there could be significant physical infrastructure changes that need to be made at ports of entry and exit, not only in the UK but on continental Europe as well," he added. | "For example, depending on what future customs arrangements are between the UK and European Union, there could be significant physical infrastructure changes that need to be made at ports of entry and exit, not only in the UK but on continental Europe as well," he added. |
| He said there could also be a need to train large numbers of people in anticipation of a "much more intensive process at borders, so it's not just the business sector, it's also the government sector that has to think about how long it takes to make changes, hire people, train people, introduce IT changes and I think the further we go into this discussion, the more likely it is that we will mutually conclude that we need a longer period to deliver." | He said there could also be a need to train large numbers of people in anticipation of a "much more intensive process at borders, so it's not just the business sector, it's also the government sector that has to think about how long it takes to make changes, hire people, train people, introduce IT changes and I think the further we go into this discussion, the more likely it is that we will mutually conclude that we need a longer period to deliver." |
| Analysis: Kamal Ahmed, BBC business editor | |
| The government position is becoming clearer. | |
| By the end of the Article 50 timetable - which Number 10 believes will be March 2019 - the UK will have legally agreed to leave the EU. | |
| But it will not be like jumping off a cliff edge. | |
| Rather, Britain and the EU will still have a close relationship, with many EU rules remaining in place. | |
| They will slowly be unravelled over subsequent years as Brexit is made a reality. | |
| Read more from Kamal here | |
| Committee chairman Andrew Tyrie said it sounded like two years was the "bare minimum, we're probably going to need more time." | Committee chairman Andrew Tyrie said it sounded like two years was the "bare minimum, we're probably going to need more time." |