Despite the UK business leaders expressed frustration at the Government’s continued failure to lay out a coherent plan, Philip Hammond said unequivocally that ‘Britain will leave the EU in 2019’.
Chancellor Philip Hammond responded to Carolyn Fairbairn, the head of the CBI, who asks for clearer vision on Brexit that there are a lot to do about negotiations and compromise from both sides, EU and the UK.
“We want market access and partnerships across the board but it’s a negotiation and about compromise and both sides have red lines,”
Chancellor Hammond added.
This week was unbelievable for sterling, the currency has recorded falls of 20% versus the US dollar since the UK voted for Brexit on June 23, 2016, while falling around 18% against the euro. Chancellor underlined that pound is in a ‘sweet spot’ now, and the Cabinet was “very happy” with the pound’s position following its latest winning streak, the currency hit a fresh post-Brexit vote high of 1.432 versus the US dollar.
In his address in Davos, Philip Hammond said to the top business leaders:
“Let me be clear: Britain will be leaving on March 29, 2019; the decision won’t be reversed. The challenge now is how we forge a new relationship with Europe that safeguards jobs… and the interests of the UK people.”
Speaking to Bloomberg Television, Mr Hammond said:
“The UK is a very open economy and a weaker pound has two effects: it helps our exports, but it raises the cost of our imports.