UK finance minister Hammond speaking on BBC earlier today 15 July
- UK ministers are increasingly convinced of the need for a transition period as Britain leaves the EU
- the length of any transition period would depend on how long is needed to get new systems in place to handle areas such as customs and immigration, but it should be a defined period and was likely to need to be at least two years.
- got facing a ticking clock on Brexit negotiations
- UK has a crucial job to do in getting Brexit deal that protects jobs, prosperity
- some colleagues briefing against him because of his position of wanting a Brexit that protects jobs.
- no short cut to create a high wage economy
- only way is to increase productivity and get public finances in order
Speaking on BBC TV's Andrew Marr Show Hammond sad:
"Five weeks ago the idea of a transition period was quite a new concept, I think now you would find that pretty much everybody around the cabinet table accepts that there will be some kind of transition.
"We're into a real process now with the start of negotiations and I think you'll find the cabinet rallying around a position that maximizes our negotiating leverage and gets the best possible deal for Britain".
Nothing here to move GBP pairs on the Asian opening but does highlight the on-going problems and ticking clock as negotiations slowly get underway.
