Prime Minister Theresa May is under pressure to define the kind of trade pact she wants from the European Union after she dashed business expectations that a swift Brexit transition deal is within reach early next year.

Businesses want an urgent agreement that would allow them to trade as usual for two years after leaving the bloc, and U.K. officials have encouraged them to think that would be possible.

But May said Monday the transition would only be sealed as part of a wider deal, falling into line with what the EU has long maintained. The broader accord isn't expected to be finalized until shortly before exit day in March 2019, and the U.K. hasn't yet made clear what kind of trade arrangement it wants.

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