MPs from the Brexit committee urged Prime Minister Theresa May to clear her position on a trade deal between the UK from the European Union following the country's formal divorce from the bloc. They urged the government to publish its Brexit plan by mid-February.
The Exiting the European Union Committee, in its first report dated 13 January, insisted that May clear her stand on membership of the Single Market before beginning trade talks with EU members.
In a statement released on Saturday (14 January) with regard to the first report, the Committee said that MPs want the government to draw an outline framework on the UK's future trading relationship with the EU as part of the Article 50 negotiations — including appropriate transitional arrangements.
In the report, the Committee called for a "no return" to tariffs and other regulatory and bureaucratic impediments to trade that could be detrimental to Britain's interests.
The Committee also urged the government to seek to ensure "continued access to EU markets in financial services for UK providers whether by way of a continuation of passporting or mutual recognition of regulatory equivalence or some other means" to benefit the vast financial services industry in the country.
The MPs also called for continued mutually beneficial cooperation on defence, foreign policy, security, financial crime and the fight against terrorism.
"This is going to be a hugely complex task and the outcome will affect us all. The Government needs to publish its Brexit plan by mid-February at the latest, including its position on membership of the Single Market and the Customs Union, so that it can be scrutinised by Parliament and the public," the Chair of the Committee, Hilary Benn, said.
He added: "Ministers should aim to conclude negotiations on trade and market access with the EU-27 by the end of the Article 50 process. However, if a final ratified agreement is not reached by the time the UK leaves the EU, it would be in the interests of both sides to agree a provisional outline framework on the UK's future trading relationship with the EU."