Latest News: Bank of England says transition to Brexit is essential

LONDON – Latest news on Britain's exit from the European Union (local time):

10:30

The governor of the Bank of England, Mark Carney, stressed the importance of the transition period in Prime Minister Theresa May's agreement on Brexit with the European Union.

Speaking to lawmakers, Carney said he expected the withdrawal agreement to "support the economic results," as it would eliminate some uncertainties surrounding the British economy.

Part of the deal implies that Britain is following EU rules after the Brexit from March 29, 2019 to the end of 2020. However, there is speculation that the transition could be prolonged and would give companies more time to adapt to new relations with the EU.

The May deal with the EU over how Britain leaves the EU has generated widespread opposition in the UK parliament, suggesting that it could be rejected. If he voted against, Britain could withdraw from the EU without an agreement.

Carney said "we'll find out pretty quickly" if a Brexit without agreement has become more likely.

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10:25

Britain's Supreme Court rejected an attempt by the government to prevent the highest court in Europe from deciding whether the UK could unilaterally stop Brexit.

The court on Tuesday refused to grant the government an appeal against a decision of the lower court authorizing the hearing at the European Court of Justice. The Supreme Court justices stated that they did not have jurisdiction to hear the case because there had been no final decision yet.

The Luxembourg-based European Court has a hearing set for 27 November.

A group of anti-Brexit politicians is seeking a ruling that Britain can put an end to the two-year Brexit countdown that it unleashed in March 2017.

The British government has stated that it has no intention of overthrowing Brexit. But anti-Brexit activists hope that Parliament will have the power to prevent the country's exit from the EU.

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10:15

The Spanish Prime Minister said that his country would vote against the divorce agreement between the European Union and the United Kingdom if the future of Gibraltar was not considered a bilateral problem between Madrid and London.

The UK and the EU have reached a draft withdrawal agreement of 585 pages and are developing a much less detailed seven-page statement on their future relations. Both must be approved by European leaders at the weekend summit.

If the documents do not change until Sunday, "Spain will vote no," warned Pedro Sanchez Tuesday at a working forum organized by The Economist in Madrid.

Spain is the only one among 27 countries to have expressed opposition to the agreement, saying it is unclear how Gibraltar, the British territory at the southern tip of the Iberian Peninsula, would be treated.

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10:00 am

The parliamentary allies of British Prime Minister Theresa May warn that they could withdraw the support of her minority government if she does not change her agreement on the European Union with Brexit.

The Democratic Unionist Party of Northern Ireland reached an agreement last year to support the May Conservatives over major legislation. But Protestants, pro-British. party opposes the Brexit plans to maintain the border between Northern Ireland and Ireland opened after Brexit.

In a warning in May, the legislators of the DUP abstained Monday night in several votes on the finance bill and voted against the government on an amendment.

DUP MP Sammy Wilson said the votes were "designed to send a political message to the government".

In an article in Tuesday's Belfast Telegraph, May said the deal "puts Northern Ireland in a fantastic position for the future"

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