Leaving EU customs union might not have big impact: UK’s Hammond

Britain's Chancellor of the Exchequer Philip Hammond leaves Downing Street, London
Britain's Chancellor of the Exchequer Philip Hammond leaves Downing Street, London, December 6, 2017. REUTERS/Toby Melville

December 6, 2017

LONDON (Reuters) – British finance minister Philip Hammond said leaving the European Union’s customs union need not represent a big change to Britain’s relationship with the bloc, if the country replicates most of the current arrangements.

“Now, that would have consequences and some of our colleagues would not find that palatable, but it would be logically possible to approach it in that way,” he told members of Britain’s parliament on Wednesday.

Hammond has previously said he favors striking a “pragmatic” Brexit deal with the EU to minimize the impact on businesses and the economy.

(Reporting by David Milliken and Andy Bruce, writing by William Schomberg)