George Osborne suggested plans to end the current trade relationship with the European Union in exchange for a new agreement by December could indeed be deliverable. Boris Johnson insisted he wants no prolongation of the Brexit transition period due to end in December 2020 and said he will have a new trade deal in place with EU member states despite time for negotiations being limited. But the former Chancellor pointed out the Prime Minister could deliver on his pledge if he agreed to have some British sectors maintain EU regulations.
Speaking to the BBC's Today programme, Mr Osborne said: "I think we will probably have a deal by the end of the year but built into the free trade agreement that is signed there will be a transition period, at least in some economic sectors.
"We will still have a significant allay before we reach this point where we are unaligned with EU rules.
"Indeed, we may never reach that point because certain industries like the car industry, which is facing incredible pressure at the moment because of Brexit, will perhaps decide it never wants to part from the EU regime on car safety and the like."
The former frontbencher, who originally campaigned to Remain and has spoken in opposition to a no deal Brexit, insisted the British Government will have to agree to compromise with Brussels in order to achieve their demands.
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George Osborne said the UK could negotiate transitions tailored to sectors requiring one (Image: GETTY•BBC)
George Osborne said the UK will have to compromise to secure a deal (Image: BBC )
He continued: "Truth is, you’re always going to have a trade-off and this goes back to the Brexit referendum itself between your sovereignty and ability to set your own rules, and then sell into your biggest market.
"I think in certain sectors we’ll end up with near-identical rules to the EU.
"Perhaps in other sectors, like financial services, some freedom to be a global financial centre wouldn’t be a bad thing."
Mr Osborne added: "Although, when we were in the EU we were the ones setting the rules, largely,