British business groups appeal for Brexit transition period

LONDON (AP) - Five of Britain's biggest business groups are calling on the government to quickly agree to a transition period of at least two years following the country's exit from the European Union to provide certainty about regulatory and trade rules as companies make critical decisions for jobs and investment.

The draft letter addressed to Brexit Secretary David Davis obtained by Sky News says the economic relationship between Britain and the EU should be "as close as possible to the status quo" during the transition.

Prime Minister Theresa May has requested a two-year transition period in which Britain and the EU trade on terms that are largely similar to current arrangements, but EU leaders have demanded more concessions on a divorce payment before talks on trade and the transition can move forward.