U.K. Treasury Chief Confident on Reaching Trade Pact With U.S.
22 April 2017 - 12:07AM
Dow Jones News
By Jason Douglas
WASHINGTON -- U.K. Treasury chief Philip Hammond said Friday he
is confident the U.K. and the U.S. can strike a wide-ranging
free-trade accord once Britain has left the European Union.
Speaking to reporters on the sidelines of the spring meetings of
the International Monetary Fund and the World Bank in Washington,
Mr. Hammond said there is "strong political momentum" in both the
U.S. and U.K. to reach such a deal, though he acknowledged the U.K.
can't formally agree to trade deals as long as it remains an EU
member.
"As soon as we are able to we will begin preliminary discussions
with the U.S." on a trade accord, Mr. Hammond said, adding Britain
would aim for a "comprehensive" agreement covering both goods and
services.
U.K. Prime Minister Theresa May on Wednesday won parliament's
backing to hold a national election in Britain on June 8. Mr.
Hammond said calling a snap poll was "the right thing to do" as it
will strengthen the U.K.'s hand in coming exit talks with
Brussels.
He said that the ruling Conservatives' election manifesto will
continue to put emphasis on reducing Britain's budget deficit. But
Mr. Hammond hinted that he may seek more flexibility in meeting
current deficit-reduction goals, saying existing commitments from
the party's 2015 election manifesto are too restrictive.
Write to Jason Douglas at jason.douglas@wsj.com
(END) Dow Jones Newswires
April 21, 2017 09:52 ET (13:52 GMT)
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