UK and European negotiators are expected to reach an agreement on transitioning into Brexit by December, according to a prominent MEP.

Kay Swinburne, the vice chair of the European Parliament's influential committee on economic and monetary affairs, said her fellow European politicians "are only just starting to realise" that the value of a transitional arrangement would diminish "very rapidly" if it was not agreed before 2018, she told those attending a Columbia Threadneedle conference in Brussels.