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 said, adding that Prime Minister Theresa May has previously ruled out the implementation phase dragging on beyond the around two-year period.
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