Since the election, Chancellor Philip Hammond has focused his energies on securing a transition period so that when the UK formally leaves the EU on 29th March 2019, it will not immediately face a ‘cliff-edge’ scenario; a key objective for UK business. In recent weeks the idea has gained real momentum, nonetheless, the exact scope, design and duration and scope of this arrangement remain unclear at this stage and subject to both to disagreements around the Cabinet table, and negotiations with the EU.

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