Theresa May has reportedly raised the prospect of the UK entering a transitional Brexit arrangement with the rest of the European Union in 2019 rather than going through a total rupture.
She told the CBI today that UK businesses wanted to avoid a “cliff edge” in two years’ time.
A Downing Street spokesman later said that a “range of issues” are being explored by officials – although they later tried to dampen speculation about what these were.
But what would a transitional deal with the EU look like and what would it mean in practical terms?
What is a transition deal?
We don’t know for sure since the Prime Minister is still playing her cards extremely close to her chest, giving zero detail away.
But such a deal is widely presumed to involve Britain leaving the EU, as planned, in 2019 but immediately entering a close trading relationship with the rest…