UK wants to avoid cliff edge Brexit but will leave single market, Hammond says

London: Britain wants to a avoid a cliff edge Brexit that would sow chaos for business but leaving the European Union means leaving the single market and the customs union, finance minister Philip Hammond told the BBC.

Hammond refused to confirm or deny a Financial Times report that he had told business leaders that he wanted to negotiate a simple “off-the-shelf” transition deal with Brussels to maintain current trading relations with Europe for at least two years after Brexit.

Hammond said it was in the interests of the EU and Britain to have a transition that allows the economies to adjust. He said British ministers needed to understand the challenges that businesses face with Brexit.