Mr Hammond also refused to rule out the prospect of joining the Trans-Pacific Partnership (TPP) – which non-Pacific countries could theoretically join in some capacity subject to member countries’ approval – or a bilateral trade with the Chinese which is rumoured to have been discussed at the meeting.
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Earlier this month, Chinese media reported China’s Ministry of Commerce is open to a United Kingdom free trade deal.
Britain’s Chancellor of the Exchequer Philip Hammond, center, walks to a meeting during the G20 Finance Ministers and Central Bank Governors conference held in Chengdu in Southwestern China’s Sichuan province on Saturday. Britain was the first Western country to join the China-backed Asian Infrastructure Investment Bank, while Chinese companies have invested big in London’s real estate market.
At a referendum in June, Britons narrowly voted to quit the European Union, which, according to Hammond, is “not the only shadow the world economy faces”. He said they must respond “positively” to Brexit negotiations or they will risk years of damaging economic uncertainty.
The EU’s top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but “at the same time…let’s not waste time, let’s not have too much uncertainty, let’s act and choose as swiftly as possible”.
As well as a positive reaction from China, Mr Hammond said that he did not believe that the European Union was trying to teach the United Kingdom a lesson over the Brexit vote by making negotiations over trade hard.
However, the majority of respondent – 74% – said they plan to save the same amount of money or more as a result of Brexit.
“I have no doubt that everyone would want to see a very close relationship between the United Kingdom and the EU going forward because that will be good for the economies of the European Union and the economy of the UK”.
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Mr Hammond said that the government still supported the project, and that a final agreement would be signed “hopefully over the next few days” after an EDF board meeting to agree the details. “A highly integrated relationship between the UK and the European Union is in the best interests of Europe, the United States and the global economy”, Lew said.
