Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Brexit deal is best option to protect British economy - Hammond

Published 24/11/2018, 19:21
© Reuters. Britain's Chancellor of the Exchequer Philip Hammond leaves Downing Street in London

EDINBURGH (Reuters) - Britain's draft deal to leave the European Union is the best available solution to safeguard the economy and start to reunite a divided country, Chancellor Philip Hammond said on Saturday.

Prime Minister Theresa May is due to meet EU leaders on Sunday in Brussels to sign off on the Brexit deal although objections from Spain over Gibraltar could yet derail the plans.

Even if it is approved, May faces a tough battle to get the deal through the British parliament in the face of objections from some of her own Conservative Party lawmakers and allies in Northern Ireland's Democratic Unionist Party (DUP).

"This deal is a way of Britain leaving the European Union ... with minimum negative impact on our economy," Hammond told the BBC.

"The only thing that is holding the economy back at the moment is uncertainty about our relationship with the European Union," he added.

"If we were to leave the EU without a deal I have no doubt that the consequences for the economy would be very serious indeed, very disruptive and very negative for jobs, for prosperity in the future."

Hammond, who met DUP leader Arlene Foster on Friday, defended the agreement as good for a country where divisions have been exposed by the June 2016 EU referendum.

"Remaining in the EU after a clear referendum decision to leave EU would be utterly debilitating to our politics, it would completely undermine confidence in the political system and leave large numbers of people feeling betrayed," he said.

© Reuters. Britain's Chancellor of the Exchequer Philip Hammond leaves Downing Street in London

"We also have to look at the political healing process, bringing our country back together, because (...) countries that are disunited and divided are not successful countries."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.