Wednesday, December 14, 2016

Hammond: Delay Brexit For Risks To Financial Stability

British Chancellor Philip Hammond has called for a delay to completing the Brexit process, saying it might otherwise pose “risks to financial stability.
Hammond said Monday that “an emerging view among businesses, among regulators and among thoughtful politicians” necessitated a transitional deal after Brexit. 
A slower process “would tend towards a smoother transition and would run less risks of disruption, including – crucially – risks to financial stability, which must be a very real concern,” he noted.
The issue must be discussed at the start of Brexit negotiations next spring, he told MPs on the Treasury committee in the firmest statement in support of a transitional deal.
“Collectively, I think transitional arrangements would be beneficial to us,” he stated.
Hammond also warned that it would be necessary to hire and train “large numbers of people” to deal with a five-fold increase in border checks, which would cost “hundreds…

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