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Before leaving the European Union altogether, the British government now wants an "interim period," in which the United Kingdom would retain the commercial rights of EU membership, while still contributing to the EU budget, observing EU regulations and legal judgments, and allowing the free movement of people. This period would last for at least two years after March 2019 – the official deadline for the Brexit process – meaning that until 2021, Britain would essentially be an EU member state without any voting rights.In the meantime, British Prime Minister Theresa May's government, having promised to maintain a "deep and special" relationship with Europe, would try to negotiate a new "treaty-based arrangement" with the EU. So the U.K. may try to extend the transition period beyond 2022 .A transition period would thus hit international businesses based in Britain with a regulatory double whammy: They would be subject to the whims of U.K. and EU bureaucracies at the same time.After March 28, 2019, the U.K. will be officially out of the EU, where economic growth has already started to overtake that of Britain.
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