Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Thursday 10 October 2019 9:39 am  |  Updated:  Thursday 10 October 2019 9:40 am

Philip Hammond: Post-Brexit trade deals have ‘very limited economic value’

By: Alex Daniel

Add as a preferred source on Google
(Getty Images)

Philip Hammond has taken a swipe and Brexit supporters’ hopes of striking free-trade deals around the globe after leaving the EU because they have “very limited” economic value.

The former chancellor said there is no “simple solution” to Brexit, and called a no-deal scenario an act of “self-harm”.

Read more: Bercow discussed Brexit plans with European Parliament head

Instead, the former Tory MP who lost the party whip when he backed the Benn Act last month, said a zero-tariff trade deal with the EU was they way to go.

That would scrap the need for an Irish backstop, but would tie Britain to the bloc’s single market rules.

It would also mean Britain is on a “level playing field” with EU member states on social, environmental and state aid regulations.

However, British firms would benefit from low-friction regulatory borders and no customs barriers at Dover and Calais.

It would also give Parliament the option to walk away from the deal within a year via a break clause.

Read more

Brexit 10 years on: Business does not want a referendum rerun, says CBI chief

CBI Chief Economist Newton-Smith addressing economic trends at a business conference podium with charts in the background

Northern Ireland would be subject to a separate backstop under the plan. That mirrors ideas put forward by the EU’s chief Brexit negotiator Michel Barnier last year.

He told the Telegraph: “This addresses the main criticism by the Brexiteers of the UK-wide backstop while being acceptable to the EU because Northern Ireland remains in the backstop, even if UK were to terminate.”

Setting a date for his deal to be approved at January 31, he added: “We can’t enter into this agreement until we leave.

“But there is no reason we can’t agree a detailed text now and sign it immediately when we leave.”

But if Brexit is extended beyond 31 October, Prime Minister Boris Johnson is likely to call an early General Election to boost his majority in the House of Commons.

Read more: Britain would now vote to stay in the EU, mega-poll reveals

This would make it easier to push his Brexit agenda through – something both he and his predecessor Theresa May have struggled with.

Addressing the issue, the former chancellor this morning told the BBC: “I don’t think an election solves our problem here.”

Read more

Gulf trade deal: Britain should learn from the success of Dubai

Dubai skyline featuring iconic skyscrapers and modern architecture under a clear blue sky, showcasing the citys urban land...

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Politics

Related Topics

  • Brexit
  • Philip Hammond

Trending Articles

  • Burnham tax plans spark investor rush to bank capital gains

  • Brewdog chief executive quits after only one year

  • Nothing fails to file accounts months after dissolution threat

  • UK ‘no longer a serious place’ says Hedge fund boss after losing £200m tax battle

  • Cruyff turn: Starmer allows pubs to stay open for England World Cup game

More from City PM

  • Brexit 10 years on: Business does not want a referendum rerun, says CBI chief

    Business
    CBI Chief Economist Newton-Smith addressing economic trends at a business conference podium with charts in the background
  • Gulf trade deal: Britain should learn from the success of Dubai

    Opinion
    Dubai skyline featuring iconic skyscrapers and modern architecture under a clear blue sky, showcasing the citys urban land...
  • Brexit 10 years on: Labour’s EU reset deal is ‘no growth strategy’

    Politics
    According to a new report from UK in a Changing Europe (UKICE), UK services trade has been more resilient than almost all other advanced economies.
  • Brexit ten years on: my journey from Remain to Leave

    Opinion
    UK Parliament voting on Brexit Leave decision, politicians in debate, capturing pivotal moment in Brexit negotiations
  • Starmer agrees investment deal with Japan as EU deal questioned

    Politics
    UK and Japan leaders discuss bilateral trade agreements at a high-level government meeting in London.
  • Starmer weighs cut to EU student fees in bid for Brexit reset

    Politics
    Prime Minister Keir Starmer speaks at a press conference addressing future leadership rumours, wearing a navy suit and tie.
  • On this day: Brits vote in referendum that changes everything

    Opinion
    UK flag and EU flag waving side by side, symbolizing Brexit referendum discussions and future political relations.
  • Fractured politics has its upsides – trust me, I led Vote Leave

    Opinion

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy