British Prime Minister Boris Johnson says the House of Commons will begin debating a bill on Friday on the country's exit from the European Union.

The chamber assembled for the first time since last Thursday's general election in which Johnson's Conservative Party won a comfortable majority.

The lawmakers elected Lindsay Hoyle as the new speaker.

Johnson called the new parliament "one of the best this country has ever produced" because it is "not going to waste the time of the nation in deadlock and division and delay."

Conservative lawmakers joined in a chorus of "get Brexit done" when the prime minister asked what this parliament was supposed to do.

The Commons is highly likely to pass the bill, paving the way for Britain to leave the EU at the end of January.

A transition period will follow. British media are reporting that the government is likely to add a clause to the bill to rule out extending this period beyond the end of 2020.

If Britain and the EU fail to sign a free trade deal by that time, the possibility of a no-deal Brexit will re-emerge.

Financial markets are already wary of such a scenario, and the pound is lower against other major currencies.