08 Aug 2017The Institute of Directors (IoD) has called for the government to reach a decision on how to approach a transitional Brexit agreement 'as soon as possible'. Chancellor Philip Hammond had previously outlined the need for interim arrangements to be agreed for the period between March 2019 and the time at which the UK signs a new trading agreement with the EU. The IoD has suggested a range of options to ensure a 'business-friendly' transition. These include agreeing to extend the Article 50 deadline, considering membership of the European Economic Area, agreeing to prolong the application of EU law and taking a transitional customs agreement into consideration. Allie Renison, Head of EU and Trade Policy at the IoD, said: 'Businesses will be pleased that ministers increasingly acknowledge the importance of a transition period in the Brexit process to minimise economic disruption. 'Prioritising interim arrangements and thereby mitigating the risks of EU exit means the eventual opportunities aren't diminished by short-term chaotic cliff edges. 'The IoD has put forward this range of options for transition in the hope that it sparks a proper debate on the practicalities of how best to Brexit.'