Welcome to the latest episode in our series of Beyond Brexit Podcasts.

Today, we're talking about the likely time scale for future negotiations following Theresa May's Florence speech.

I'm Gayna Bagley, PWC's Head of Corporate Purpose, and I also chair our EU Steering Committee.

I'm joined today by Anna Wallace, our Director of Political Relations.

Anna, first question for you, what do you think were the key messages for business in Theresa May's speech?

Hello, yes. So I guess the most significant thing in last week's speech was that the government formally asked for transitions and

this was we know is very important to businesses up until now we've sort of spent the summer hearing a lot

about sort of speculation about discussions around the cabinet table but this was the first time that

she formally requested a two-year transition period which would be a status quo type arrangement with perhaps some small

changes around the outside for the UK. I guess the biggest thing as well, another big thing for

businesses, it was the change in tone, actually far more constructive and in terms of things

like making it off around citizens rights and the bill.

So clearly she was trying to unblock the negotiations, which I think is not an unimportant thing for businesses too.

But that transition issue is probably the key one.

Yes, and of course it is only our side of the negotiation.

So what did you think about the reaction from Brussels, the immediate reaction we've heard so far?

I think the reaction was probably as we expected, which certainly at the beginning of the next round of negotiations, was quite muted.

And the problem with the speech last week was although the tone was much better,

we still didn't get the level of detail

that we need to really unblock the stage of negotiations. So yes, there was some offers

around EU citizens, there was some offer around the bill. But as Brussels has said, this

is a starting point in negotiation. It's not a big enough offer to really unblock us and move us forwards.

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