Brexit: Boris Johnson's plan would finish EU exit by end of 2020

Dec. 17 (UPI) -- British Prime Minister Boris Johnson said he intends to make good on his election promise to finish Britain's exit from the European Union, and his top team worked Tuesday to block any extension beyond next year.

Johnson and his Conservative Party were elected last week in landslide victories, allowing Johnson to remain prime minister. He's planning to withdraw Britain from the EU by the end of January and finish the transition by the end of 2020.

A provision exists that would allow both parties to extend the transition period by as long as two years.

As ministers were sworn in Tuesday, Johnson's team worked on a mandate to require the transition period must be complete by Dec. 31, 2020, without any further extensions.

During the transition period, Britain will remain in the EU customs union but will not have voting power.

After the party's major victories last week, Johnson now feels he has the ability to sell members of British Parliament on his exit plan. The lawmakers expect to vote on the plan Friday.

The Bank of England said Monday chances of a no deal exit are lower now, due to Conservatives' electoral victories. It added, though, that the British banking system would survive leaving the EU without a trade agreement.