In her Florence speech, the prime minister called for a transitional period – what she calls an “implementation period” – that’ll last until around 2021, in order to allow a “smooth and orderly” Brexit.
Britain will stick to the EU’s regulatory framework and “current terms” during the period of transition, likely to anger Brexiteers because it will likely mean accepting freedom of movement, jurisdiction of European courts and EU laws and regulations for an extra two years.
While she said the transitional period will be “strictly time-limited” that should be “around two years”, the prime minister did not set a specific amount of time, leaving the ball on the EU’s court which may well result in period of longer than two years.
“During the implementation period, access to one another’s markets should continue on current terms and Britain also should continue to take part in existing security measures. And I know businesses, in particular, would welcome the certainty this would provide,” the prime minister said.
The prime minister also said Britain will fulfil its EU budget commitments, meaning it’ll pay at least £18billion, and possibly more.