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Britain to need period of continuity after Brexit transition ends: Hammond


Britain will need a period of continuity after the Brexit transition ends and before a long-term partnership negotiated before London and Brussels comes into force, Britain's finance minister said on Friday.

"We're not going to remain in anything indefinitely," Philip Hammond told Bloomberg Television on the sidelines of an International Monetary Fund meeting in Bali, Indonesia.

"We're very clear this has to be a temporary period, but it is true that there needs to be a period -- probably following the transition period that we've negotiated and before we enter into our long-term partnership -- just because of the time it will take to implement the systems required," he said.

Hammond said rules for businesses should remain unchanged during that period. The earlier transition period after Britain leaves the European Union in March 2019 is due to last until the end of 2020.

(With inputs from agencies.)

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