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