Clock ticks away at UK's Brexit transition options

Brussels

NERVES are fraying in the Brexit talks, negotiators are trying to work out if the other side is bluffing about walking away, and a ticking clock is fast narrowing British options come March 2019.

Philip Hammond, Britain's finance minister, echoed recent EU assertions when he said that a transition period to some new relationship was a "wasting asset", the value of which would "diminish significantly" for both sides if its form remains unclear to businesses much after the start of the new year.

As negotiators in Brussels make little progress before Prime Minister Theresa May meets EU leaders next week, a warning abou…