UK Treasury Chief Hammond Says They Will Adapt if Out of EU

Britain’s leaders on Sunday signaled their resolve to play hardball in talks with the European Union, suggesting they will look for partners elsewhere if the bloc restricts access to its huge market.

Under pressure to reveal her Brexit blueprint, British Prime Minister Theresa May’s office said she will call for a “truly global Britain” that is more open to the world when she sets out plans for negotiations with the EU in a speech later this week. Treasury chief Philip Hammond told the German newspaper Welt am Sonntag that Britain is prepared to “do whatever we have to do,” including turning away from Europe to other markets, to protect its economy.

“If Great Britain left the European Union without an agreement on market access, then we could at least in the short term suffer economic damage,” Hammond was quoted as saying. “In this case, we could be forced to change our economic model.”

Hammond also suggested that Britain could cut taxes to encourage companies to move to the U.K.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza