As Theresa May reveals her plan for Britain in her much-anticipated speech, Philip Hammond has beaten her to the punch at Treasury Questions. The Chancellor has announced that Britain will leave the single market: ‘We will go forward understanding we cannot be members of the single market.’
Hammond also used the session to try and set the record straight regarding his interview to Welt am Sonntag in which he suggested that if the UK can’t negotiate a reasonable new trading arrangement with the EU then it is prepared to slash tax and to make its economy more competitive. When John McDonnell asked about the repercussions of low tax rates on the NHS, Hammond suggested he read the original interview:
‘What I said very clearly is that Britain wants to remain in the European mainstream with its economic and social model but that can only happen if we get a sensible Brexit deal for continued access to the European market, if we don’t the people of this country are not just going to simply lie down and accept that they will be poorer. We will do whatever it takes to maintain our competitiveness and protect our standard of living.’
The session marked an upward turn in Hammond’s attitude to Brexit, with the Chancellor reassuring the SNP that countries that currently have free trade agreements with the EU have suggested they are keen for a ‘quick and simple’ successor agreement with the UK to allow trade on the same terms. While Hammond is known to be one of the most cautious Cabinet members regarding Brexit, today he spoke with confidence and positivity regarding the opportunities Brexit presents.
Comments