UK’s Hammond: 3 year Brexit transition period needed at most
|The UK Finance Minister Hammond was out on the wires last hour, via Reuters, commenting on post-Brexit UK economy.
Key Headlines:
Need to move on a steady path without cliff edges
Cabinet has a broad acceptance of interim period for leaving EU but no fixed period
EU Nationals will be able to work in UK during transition period
Trade deals with third countries may not come into force during Brexit transition period
UK will leave the customs union and single market
UK will leave the EU
Very very important that we deal with UK’s debt
Need to maintain disciplined path to getting national debt down as a share of GDP
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