UK Chancellor of Exchequer Philip Hammond told upper house of parliament today that a Brexit deal can be agreed in 6-8 weeks with EU. Though, the agreement would be less detailed. He said “there’s merit in having quite a bit of detail, but clearly we don’t have enough time to negotiate the full draft legal text in what will be quite a complex future partnership agreement.”
Hammond’s Treasury also announced earlier today that BoE Governor Mark Carney will extend his term till January 2020. Hammond also told MPs that “if we leave the European Union without a deal… we could expect a period when there would be some turbulence and when there would be some issues arising for financial services businesses.” And, “a governor who was leaving at the end of June, with his bags already packed, would be in a poor position to represent the UK in what might be some quite critical – and time critical – negotiations over that period.”
