Tell us what European Union want from Brexit, insists Hammond

Germany Brexit

Germany Brexit

Finance sector chiefs have long advocated an implementation phase after Britain leaves the European Union as planned on March 29, 2019, to avoid disruption as both sides adjust to a new trading relationship.

Hammond and Davis argue that maintaining a continued integrated approach to banking after the United Kingdom leaves the bloc would help to avoid a repeat of the 2008 financial meltdown and the Eurozone crisis that followed.

Philip Hammond will tell European Union leaders they must now make clear what they want from their relationship with Britain in the future, saying "it takes two to tango".

Brussels must move past suggestions Britain will be punished for Brexit and set out what future relationship it wants, Philip Hammond will warn.

"Some might say it is pointless getting the Treasury's view", said one government member "because the Brexiteers like Johnson and Gove will dismiss it as biased rubbish and will never take it seriously".

And It was part of a twin charm offensive in Germany - with Brexit Secretary David Davis today meeting the country's business chiefs in Munich to urge them to put pressure on Chancellor Angela Merkel to offer Britain a bespoke trade deal.

Leading Brexit supporters presented the EU's chief negotiator with a hamper of British goodies when they met him in Brussels to warn that the United Kingdom will not give up its freedoms to secure a trade deal.

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The EU and the United Kingdom are due to begin formally discussing their future trade ties in March.

The budget commissioner added that cohesion and infrastructure programmes could be tied into the European semester, the economic lifecycle of the EU, to have a clearer idea what the resources are going to be used for. May, however, has already ruled out a highly aligned Norwegian-style arrangement as inadequate to British needs.

Prime Minister Theresa May said on Thursday she is working to secure the best trade deal with the European Union after London's mayor warned that Britain could lose nearly 500,000 jobs if it fails to agree a deal. Brussels is, meanwhile, demanding details.

Even under the softest scenario they proposed, London is set to lose 30,500 jobs following Brexit, with the United Kingdom losing 176,000 by 2030, compared to if the United Kingdom remained in the single market and customs union.

The meeting came after former Ukip leader Nigel Farage held talks with Mr Barnier on Monday.

"It was expensive. It destroyed value and millions of jobs, and caused a lot of social suffering".

A joint EU-UK report published in December said the cut-off date - known as "the specified date" - for EU citizens' eligibility to secure UK residence should be March 29, 2019, but it left room for "appropriate adaptation". "A country that comes out of this very precise framework has the opportunity to diverge, but at the same time loses the benefits of the internal market".

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