EU wants right to curb UK single market access during transition - Reuters News

Omkar Godbole FXStreet Contributor

The European Union is seeking power to restrict Britain's access to the single market during a transition period.

"The Governance and Dispute Settlement Part of the Withdrawal Agreement should provide for a mechanism allowing the Union to suspend certain benefits deriving for the United Kingdom from participation in the internal market where it considers that referring the matter to Court of Justice of the European Union would not bring in appropriate time the necessary remedies," said the footnote of the text, seen by Reuters.

Reuters report says, "the draft legal text, which has yet to be approved by EU governments, will be part of the withdrawal treaty that will regulate the terms of divorce between Britain and the EU and the rules for the transition period after Brexit."

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Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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