The idea of a second Brexit referendum is very likely to be voted again in Westminster although the government remains opposed to the second plebiscite on the same issue of leaving the European Union, the British finance minister said.
“I remain optimistic that over the next couple of months we will get a deal done,” he told reporters in Washington where he is attending meetings at the International Monetary Fund.
Philip Hammond said he hoped parliament would break the Brexit deadlock by passing a deal by the end of June, potentially ending the calls for a new referendum, and there was a “good chance” of a breakthrough in talks with the opposition Labour Party.
The UK has the fiscal capacity to cope with leaving the European Union without having first secured a deal, Chancellor of the Exchequer Philip Hammond said. When asked about health spending, he explained that voters would have to accept that if they wanted an expanding health service they would have to pay a “little more tax”.
However European Union is in the mood for a “divorce” deal, Hammond added, although he admitted uncertainty over talks outcome had already hit the United Kingdom’s economy.
“Britain is leaving the political institutions of the EU; but it is not leaving Europe, and British prosperity is, and always will be, closely bound to European prosperity,” – said Chancellor of the Exchequer Philip Hammond, addressing the European Business Summit in Brussels (24/05/2018) – “So Europe’s success – and the success of the Euro as a currency – is very strongly in Britain’s interest, and we will not do anything which jeopardises that success”.
“Our economy is recognisably a European-style economy with high levels of consumer and worker protection, a highly developed social welfare system and strong environmental standard, and it is the clear wish of the British people, regularly demonstrated, to keep it that way as we build a new deep and special partnership with the European Union” – Hammond continued.
“We have made significant progress since Article 50 was triggered, just over a year ago both in our own internal debate about what Brexit should mean, and in our negotiation with the EU”.
“I know that for business getting clarity on our future customs relationship is a top priority, and so it should be a top priority for European governments too” – Hammond underlined.
European Business Summit is an organization creating and supporting networking and debating events in Brussels, including the annual European Business Summit #EBS2018, with a principal goal to bring business and politics together and stimulate debate on the most challenging European issues of the moment. The latest event took place in d’Egmont Palace, Brussels on 23-24 May 2018.
The UK finance minister Philip Hammond told the board of U.S. investment bank Goldman Sachs (GS.N) that he is supportive of a lengthy transition period after Britain leaves the European Union, a source familiar with the talks said, according to Reuters news agency.
The source said Hammond made a presentation to the Goldman Sachs board on June 29 when chief executive Lloyd Blankfein visited London for the annual board meeting.
The source confirmed an earlier Sky News report which said Hammond had offered private reassurances that he visualised a long transition period to support banks in preparation for Brexit and ease concerns of a “cliff-edge” exit from the bloc.
The Sky report said Hammond did not offer Goldman assurances above or beyond his public attempts to reassure the business community that the government was aware of its concerns.
Goldman Sachs declined to comment.
The UK Chancellor of the Exchequer Philip Hammond, speaking on the margins of a G20 summit in Hamburg, said his preference was to negotiate a “transitional structure” that takes his country out of the Single market and Customs union “but in the transition phase replicates as much as possible of the existing arrangements”.
According to Hammond his aim would be to minimize the shock to business.
The UK should negotiate a transitional Brexit deal that replicates its membership of EU structures as closely as possible, Hammond continued, acknowledging the UK will not stay in the Single market or Customs union.
Hammond welcomed corporate input into the discussion on managing Brexit, a day after the CBI employers group said Britain should stay in the EU’s Single market as it works out new ties with the bloc beyond Brexit in 2019.
“I’m glad that the business community is exercising a voice in this discussion. I think that is helpful,” he said, adding: “I do not believe it is either legally or politically possible to say in the customs union and in the single market.”
British finance minister Philip Hammond said Britain should adopt a “pragmatic” approach to Brexit negotiations which begin on Monday 19th of June (19.06.2017) striking a different tone to Prime Minister Theresa May who has declared to prefer to leave the EU without a deal, than have a poor arrangement.
The debate within Britain’s government about how to leave the international structure called European Union has been in the focus during the snap elections ending in loss of seats for the Conservatives, surfacing without a majority in parliament.
Britain should work closely with the bloc to prioritize jobs and prosperity when Brexit talks start next week, Hammond said to reporters before a meeting of the 28 EU finance ministers on June, 17 (17.06.2017).
“As we enter negotiations next week we will do so in a spirit of sincere cooperation taking a pragmatic approach to trying to find a solution that works both for the UK and for the European Union 27,” he said.
The modality of private discussions between the departing UK and the other EU27 members about Brexit has improved since earlier this year, British finance minister Philip Hammond said on Sunday, 5.03.2017, in an interview to ITV.
“Whatever is being said publicly ahead of the negotiation, the private messaging is that people are now engaging with this more as a shared problem, something that we have to solve together,” – said Hammond. “There is an increasingly pragmatic approach.”
Hammond suggested in a German newspaper in January that Britain could use its corporate tax levels as a form of leverage in the negotiations about its future relationship with the European Union.
Also in January, British Prime Minister Theresa May set out her priorities for Brexit, putting a focus on tighter controls on migration rather than Britain’s continued membership of the EU’s single market. She said no deal was better than a bad deal for Britain.