UK fin min Hammond now underway at Mansion House 20 June

  • govt will prioritise UK business and jobs to secure the prosperity and living standards
  • we remain committed to fiscal rules set out in Autumn statement
  • govt will remain committed to keeping taxes as low as possible
  • UK needs to keep strong trade links with EU markets
  • need a new process for establishing regulatory requirements for cross border business between UK and EU
  • will seek new deals with old friends and fast growing emerging economies
  • UK will see to manage migration but not shut it down
  • start of Brexit talks yesterday was positive but it will get tougher
  • UK almost certain to need implementation period, outside the customs union itself but with current border arrangements in place

Softer Brexit tones as per preview but GBP unfazed so far

Carney next up at 07.30 GMT

Hammond - Favouring a softer Brexit