The House of Commons will hold its eighth and final day of detailed scrutiny of the EU (Withdrawal) Bill, which would formally end Britain's membership of the bloc and transfer EU rules into British law.
The European Union's chief Brexit negotiator said Wednesday that Britain should have less than two years as a transition period after it leaves the European Union and that the United Kingdom would have to live by all the key EU principles.
"This can not be an a la carte transition period, the European Union regulatory framework and all European Union policies would still apply", he said.
The EU has drawn fire from Britain over its insistence that in order to have the strategic rock included in a transition agreement Britain needs to discuss the issue directly with Spain and a document, due to be published on Wednesday, is expected to confirm Brussels' stance on the issue, according to The Guardian.
Mr Barnier indicated he is hoping to reach an agreement on the future relationship between the United Kingdom and European Union by next October to coincide with a new treaty containing the terms of agreement on Britain's withdrawal and the transition.
Prime Minister Theresa May has said the "implementation period" should last for around two years, potentially taking it up to the spring of 2021. Brussels has signalled a detailed trade deal is likely to take much longer, and that Britain's transition period must end by 2020.
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"The transition period is useful and will enable Britain to get prepared for the kind of challenges that they will have to face, and to prepare also for the complications of the new relationship", Barnier said.
European Union leaders last week agreed to open the second stage of Brexit talks, after approving an interim deal on Britain's financial settlement, expatriate rights and the Irish border.
The next phase comes as Barnier ruffled feathers in London on Tuesday with a warning that any ties after Brexit would inevitably result in Britain's financial companies losing full rights to trade across the bloc.
Given that Theresa May plans to trigger Brexit in March 2019, it means the United Kingdom would have less than two years to prepare for a full exit and complete a future trade deal with the bloc.
Leading conservative lawmaker Jacob Rees-Mogg slammed this demand as "rather hostile", leaving the United Kingdom "no more than a vassal state, a colony, a serf of the European Union". He said: 'In leaving the single market, they lose the financial services passport'.