May said she wanted a transition period after Brexit in March 2019 of “around two years” during which “access to one another’s markets should continue on current terms” for Britain and the EU. She also promised to honour Britain’s financial commitments for the remainder of the EU’s current budget plan. Britain’s contributions for two years would be at least 20 billion euros (£18 billion, $24 billion) — though this falls well below European estimates of Britain’s total Brexit bill. Within hours, Moody’s Investors Service cut its long-term credit rating for Britain, citing the economic uncertainty sparked by the Brexit negotiations and the likelihood of weaker public finances. But Brexit campaigner Nigel Farage expressed outrage at the idea, saying: “Theresa May’s Brexit vision is that we leave the EU in name only.

Source: Manila Times September 22, 2017 22:07 UTC