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UK Faces Economic Turbulence During Brexit Process: Hammond

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The British economy will face turbulence as the government negotiates the country’s exit from the European Union, finance minister Philip Hammond said on Monday.

On Sunday, Prime Minister Theresa May said Britain would begin formal divorce talks with the EU by the end of March next year, and Hammond said he was in favor of getting a deal done “as soon as possible”.

“We must expect some turbulence as we go through this negotiating process and there will be a period of a couple of years or perhaps even longer when businesses are uncertain about the final state of our relationship with the European Union and during that period we need to support the economy,” Hammond told BBC television.

Reuters

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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.
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