Hammond Seeking to Rein in May’s Hard Brexit Stance

U.K. Chancellor of the Exchequer Philip Hammond will make the case for a new path for Brexit that focuses on protecting jobs and economic growth, in his first public appearance since the Tories’ disastrous general election result.

Hammond will use his annual Mansion House address to the City of London on Thursday to push for a so-called pragmatic Brexit, according to a Treasury official who asked not to be identified. His move reflects Prime Minister Theresa May’s failure to win voter support for her policy of making immigration control the priority in leaving the European Union.

The prime minister, fighting to stay in office, was forced to abandon her hardline Brexit rhetoric earlier this week following pressure from Hammond, Home Secretary Amber Rudd and Scottish Conservative leader Ruth Davidson, according to a government official, who asked not to be identified. May told a meeting of the so-called 1922 committee on Monday that she accepted there was a broad range of views on Brexit within the Party and that she would work to reflect that.

Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.