UK's Hammond says no-deal Brexit would be 'mutual calamity'
(Reuters) - A no-deal Brexit would be a “mutual calamity” for Britain and the European Union that would deliver a sharp blow to the British economy, Finance Minister Philip Hammond said on Tuesday.
Hammond, addressing the annual dinner of Britain’s largest manufacturing association, Make UK, added that lawmakers should stop seeking legal changes to the Northern Irish backstop that the EU would not accept at short notice, and instead focus on supporting Prime Minister Theresa May’s preferred Brexit plan.
“Our partners in the EU need to be at their pragmatic best in helping to avoid the mutual calamity of no deal; and you – and we – need to carry on explaining the implications of a no deal exit, no matter who cries ‘Project Fear’,” Hammond said.
Reporting by David Milliken in London
Our Standards:The Thomson Reuters Trust Principles.