U.S. Markets closed

UK Formally Confirms To EU That It Won't Extend Brexit Transition

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

The U.K. formally confirmed Friday to the European Union it will not extend the Brexit transition period.

The U.K. officially left the EU Jan. 31, but the transition period lasts until Dec. 31, which means U.K. is still bound to some EU rules.

Cabinet Office minister Michael Gove tweeted:

The full press conference by European Commission Vice-President Maroš Šefčovič following the second meeting of the EU-UK Joint Committee can be found here.

The BBC reports that checks on EU goods coming into the U.K. will be phased in 2021 to give firms "time to adjust."

Related Links:

Brexit Finally Arrives, Johnson Says It's 'A New Dawn'

A Brexit Recap: What's Next?

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.