Mubasher: A group of MPs has urged the UK and the European Union (EU) to grant approval of a status quo transition period after Britain's departure from the EU, as reported by the BBC Business.

The temporary transitional arrangement should be agreed as fast as possible to lighten business worries over a "no deal" Brexit, the Treasury Select Committee said according to the BBC Business.

It added that the committee's report has backed the prime minister's push for a comprehensive free trade agreement which would keep borders as "frictionless" as possible.

An implementation period would be essential to reach this point where the European Court of Justice (ECJ) would likely retain supremacy over UK laws, the BBC said.

"An agreement between the UK and EU27 on 'standstill' transitional arrangements is now urgent," said Nicky Morgan, the Conservative chairwoman of the committee who campaigned for Remain before the referendum, according to the BBC Business.

"Many businesses will begin to prepare for a 'no deal' outcome - moving jobs and activity, and incurring potentially unnecessary expenditure - early next year," Morgan added.

The chairwoman commented, "That is a price worth paying for stability and certainty after 30 March 2019."

The UK government previously said that it may agree to a strictly time-limited implementation phase after the UK leaves the EU.

Earlier this week, the president of the European Council, Donald Tusk, said that there was now a "furious race against time" to talk over implementation arrangements and the framework for a new free trade agreement, the BBC Business reported.

"This isn't just about business leaving the UK. It is about the very high risk of jobs, capital and inward investment leaving Europe,” Miles Celic, chief executive of the financial services sector lobby group TheCityUK, said.