Britain is on a collision course with the EU over fundamental elements of the Brexit transition, as London seeks to potentially extend the period while giving itself the power to reject new EU laws. A UK position paper, shared with Brussels this week, contains no end date for the transition although British officials maintain it is their intention to set one.
Britain still wants an implementation phase with the European Union of around two years.
The EU has said it wants the transition phase after Brexit to end no later than Dec. 31, 2020, which would coincide with the end of the EU's current seven-year budget period.
"The EU wants a transition of 21 months, we want a period of around 24 months," the source is quoted as saying by Bloomberg, adding that Prime Minister Theresa May has previously ruled out the implementation phase dragging on beyond the around two-year period.
Shadow Northern Ireland secretary Owen Smith told ITV1's Good Morning Britain he wanted the UK to remain in the single market and a customs union.
Asked whether this put him at odds with the party leader, he replied: "No, I think Jeremy's position is evolving and deepening."
A report, which was leaked to Buzzfeed, found that economic growth would fall by 5 per cent over the next 15 years if the UK left with a free trade agreement and 8 per cent if the UK left without a deal.
It stated that even if the UK retains access to the Single Market, growth would still be 2 per cent lower.
