UK's Hammond calls for smooth Brexit to avoid cliff edge

Brexit minister Davis 'No doubt' over Britain leaving EU

UK's Hammond calls for smooth Brexit to avoid cliff edge

Chancellor of the Exchequer Philip Hammond and Bank of England Governor Mark Carney joined forces to fight against the fragmentation of financial services after Brexit as the government seeks to shift its focus away from controlling migration to safeguarding jobs.

"In the first step, we will deal with the most pressing issues, we must lift the uncertainty caused by Brexit; we want to make sure that the withdrawal of United Kingdom happens in an orderly manner".

The European Union said after a first day of talks on Britain's exit from the 28-member bloc that the clock was ticking on negotiations, but British Brexit minister David Davis said he was optimistic they would yield a swift and good outcome.

The UK has always maintained that the two issues go hand in hand and should be dealt with simultaneously.

Mr Carney's speech at the Mansion House called for an "innovative, co-operative and responsible" approach to Brexit.

Mr Hammond conceded yesterday that the world's fifth-biggest economy faced tough times as it tries to avoid a "cliff-edge " departure.

The UK seems destined to leave the single market when Brexit happens, but it is less clear whether it will withdraw from the Customs Union as well.

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A problem for British negotiators is to resolve what trade relationship they want.

The chancellor also wants to agree a "frictionless customs arrangements to facilitate trade across our borders - and crucially - to keep the land border on the island of Ireland open and free-flowing".

First, he hoped to secure a "comprehensive trade agreement for trade in goods and services".

"The collective sigh of relief will be audible", he said.

Mr Barnier insisted the Brexit process was not about seeking concessions.

Ensuring that Brexit does not imperil British jobs or impoverish living standards "will require every ounce of skill and diplomacy that we can muster", Hammond said.

Mr Hammond emphasised that leaving the EU meant the country would leave the single market and the customs union. Both sides stressed their goodwill but acknowledged the task's huge complexity and tight deadline.

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"To do this in the context of our wider objectives will be challenging".

"It will nearly certainly involve the deployment of new technology".

"And we will leave the EU".

"I will not, and we, the EPP, will not accept that our currency will continue to be managed there, that they will continue to conduct business with it even though they don't comply to our banking regulations anymore in Great Britain".

"We must make anew the case for a market economy and for sound money".

May's election debacle has revived feuding over Europe among Conservatives that her predecessor David Cameron hoped to end by calling the referendum and leaves European Union leaders unclear on her plan for a "global Britain" which majority regard as pure folly.

He said: "It is our priority, it is citizens first. So as far as we're concerned we are dealing with things that are absolutely at the top of our list right now, and that people will expect to be on the top of our list".

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