UK’s Hammond: Start of Brexit talks yesterday was positive but it will get tougher

The UK finance minister Hammond is out on the wires now, via Reuters, making a keynote Mansion House speech.

Key Headlines:

Govt will prioritize UK business and jobs to secure the prosperity and living standards

We remain committed to fiscal rules set out in Autumn statement

Govt will remain committed to keeping taxes as low as possible

UK needs to keep strong trade links with EU markets

Need a new process for establishing regulatory requirements for cross border business between UK and EU

Will seek new deals with old friends and fast growing emerging economies

UK will see to manage migration but not shut it down

Start of Brexit talks yesterday was positive but it will get tougher

UK almost certain to need implementation period, outside the customs union itself but with current border arrangements in place

Future trade deals post-Brexit must reflect UK's service-based economy

Meanwhile, the GBP/USD pair remains unfazed near 1.2745 on the above-mentioned headlines, awaiting key comments from the BOE Governor Carney.

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