Bank of England chief downplays chance of interest rate hike

Government did respond to fire safety recommendations UK minister says

Hammond, speaking a day after the start of Brexit negotiations in Brussels, insisted that protecting financial services would be.

"So while we seek to manage migration, we do not seek to shut it down". "But ensuring that it happens via a smooth pathway to a deep and special future partnership with our European Union neighbours, one that protects jobs, prosperity, and living standards in Britain will require every ounce of skill and diplomacy", he said in a speech.

Mr Hammond then said: "We'll nearly certainly need an implementation period, outside the Customs Union itself, but with current customs border arrangements remaining in place, until new long-term arrangements are up and running".

J├╝rgen Maier, CEO of Siemens UK, said he was pleased Britain had finally started talks with the European Union to discuss Brexit.

In Hammond's Mansion House speech, he suggested Britain maintain existing customs arrangements with Europe until a long term system is in place.

Nearly a year to the day since British voters made a decision to leave the European Union, the Brexit strategy debate within the government has been opened up again by May's unexpected failure to win a parliamentary majority in the June 8 ballot.

"We saw such a concern articulated in the EU's proposal on supervision of CCPs last week".

'Just as the British people understand the benefits of trade - so, too, they understand how important it is to business to be able to access global talent and to move individuals around their organisations'.

"It's always not very positive to talk to each other over the garden fence and we now need to get on with the negotiations and make sure that we do get special trading deals that work here in the United Kingdom and in the rest of Europe".

"To do this in the context of our wider objectives will be challenging", the Chancellor said.

Hammond, whose stock has risen since Prime Minister Theresa May emerged wounded from a general election setback earlier in June, singled out financial services as a key driver of the economy.

Britain's government said it would pay greater heed to public concerns about austerity but stuck with the broad outlines of its plans to reduce the budget deficit as it set out its legislative plans for the next two years on Wednesday.

What has the EU said about the Customs Union?


The Chancellor noted higher taxes "slow growth, undermine competitiveness and cost jobs", but he failed to rule out increases, adding: "The Government will remain committed to keeping taxes as low as possible".

Ensuring that Brexit does not imperil British jobs or impoverish living standards "will require every ounce of skill and diplomacy that we can muster", he said. And we will explore the options together.

"We have taken much longer to get to where we are".

Bank of England Governor Mark Carney has said that interest rates should remain unchanged until the central bank sees how Brexit negotiations play out.

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