BIRMINGHAM, England (Reuters) – British finance minister Philip Hammond stated on Monday rebalancing commerce with the EU was a fragile course of which ought to be accomplished regularly, and that product requirements ought to keep the identical after Brexit.
Britain’s Chancellor of the Exchequer Philip Hammond speaks on the Conservative Party Conference in Birmingham, Britain, October 1, 2018. REUTERS/Toby Melville
“We have to be very, very careful and we need a very, very gradual process of rebalancing our trade between Europe and the rest of the world,” Hammond stated at an event on the Conservative Party’s annual conference in Birmingham.
“Pulling the rug away from a very large part of our export business in the hope that we can then build up new business to replace it would be highly dangerous.”
Hammond stated items regulation within the EU had been steady for the final twenty years subsequently was comparatively straightforward for British companies to stay with.
However, he was “much, much more sceptical” about adopting EU requirements on monetary providers.
“This is a fast-developing area that could move in a direction that was very difficult for us,” he stated.
Reporting by William James; enhancing by Elizabeth Piper