Theresa May calls for trade transition period after Brexit

GETTY•BLOOMBERGAlfonso Dastis called for

GETTY•BLOOMBERGAlfonso Dastis called for"clarity on Brexit ahead of Theresa May's speech on Friday

If Britain does continue with its current access to EU markets beyond Brexit day then this means it'll be forced to continue with the jurisdiction of the European Court of Justice (ECJ) until transitional phase comes to an end.

In her 35-minute speech she said that Britain would honour its commitments to the European Union budget during this time.

May will urge negotiators to redouble their efforts to conclude a deal.

"The key thing now is that today's comments by Prime Minister May are translated into deliverables across the negotiating table in Brussels".

Theresa May will today tell European Union leaders that they share a "profound sense of responsibility" to forge a Brexit deal for the benefit of those who "inherit the world we leave them".

"The eyes of the world are on us but if we can be imaginative and creative about the way we establish this new relationship". May did not say how long she would like this transitional phase to last, but it will probably be 2-3 years and will take effect the day Britain drops out of the European Union at the end of March 2019.

A new poll has revealed British people have finally turned their backs on Brexit, with the majority now saying the country should remain in the EU.

British negotiators hope European Union leaders will decide at an October meeting that "sufficient progress" has been made on the divorce terms to move talks on to future relations and trade.

Divisions have also emerged within May's government.

Another round of Brexit negotiations will begin September 25, and May will meet European Council President Donald Tusk in London on the following day, when they are expected to discuss the proposals outlined in her Florence speech. After a marathon Cabinet meeting in London on Thursday, it is understood the PM's team are in broad agreement with the proposals she is expected to set out in the speech.

His comments echoed those of the EU's chief negotiator Michel Barnier who welcomed the "constructive spirit" of her speech but said her assurances needed to be translated into a "precise negotiating position".

In her speech, May said the United Kingdom would honour commitments made while it had been a member to avoid creating uncertainty for the remaining member states. "All that is necessary in this negotiation is that everyone honors the commitments that they have made to each other". It is in our common interest.

This would be of mutual benefit, May said, adding that it would allow people and businesses time to adjust to new deals.

May acknowledged that, when the United Kingdom leaves the EU, it will also leave its single market and customs union.

She said Britain would continue to abide by the EU's rules and regulations during that time.

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