london britain urgently need standstill deal keep tie european union unchanged post-brexit transition period probably need adaptation phase sectors financial service group lawmakers say transition agreement widely expect last two years must do brussels matter weeks stop company move operations away britain cross-party treasury committee say highly likely certain sectors include financial service standstill transition period follow adaptation period committee say thursday report sum work far brexit many company draw contingency plan ahead britain leave eu march 2019 give lack clarity future access bloc account nearly half britain export bank previously say want deal bridge period end brexit transition phase start britain new permanent relationship eu order phase change way operate stage committee make recommendations design duration subsequent period except unlike standstill period need involve uk apply exist framework eu rule across sectors committee say prime minister theresa may last week secure deal brussels pave way talk transition deal negotiations future permanent uk-eu trade relationship brexit nicky morgan lawmaker may conservative party chair treasury committee say time essence london accept eu term transition deal include temporarily remain subject european court justice delay agreements cause arguments arcane point principle could damage economy morgan say government prepare accept term transition offer eu-27 brexit supporters say britain must long bind ecj rule brexit last week initial divorce deal britain enable judge ask court weigh issue affect eu citizens eight years committee also warn government assume last-minute deal would reach avoid disruption areas aviation history international trade diplomacy replete examples short-sighted political considerations prevail economic self-interest say conclusion agreements may come late firm intend activate contingency plan first quarter 2018. uk urgently need brexit transition deal time lawmakers say