FRA approves establishment of five new firms for investment fund management, SME financing    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's Environment Minister attends AMCEN conference in Nairobi    Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation    Egyptian, Belarusian officials discuss drug registration, market access    Egypt's ARC, Italy's AICS sign deal to boost wheat production    Gold prices edge higher on July 16th    Egypt stocks hit record highs in 2025 as reforms fuel rally: Cabinet    Egypt condemns Israeli strikes on Lebanon, Syria    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Egypt's Health Min. discusses drug localisation with Sandoz    Egypt, Mexico explore joint action on environment, sustainability    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt's PM urges BRICS to prioritise peace    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Britain's Hammond says UK can cope with no-deal Brexit
Published in The Egyptian Gazette on 01 - 10 - 2018

BIRMINGHAM, England, October 1, 2018 (News Wires) - British finance Minister Philip Hammond said on Monday the United Kingdom had the fiscal capacity to cope with leaving the European Union without any agreement but believed the mood in Brussels was to reach a divorce deal.
Britain's exit from the European Union next March has increased uncertainty for employers, with talks about the future relationship between the world's fifth largest economy and its largest trading partner becoming increasingly fraught.
"I'm clear that we will have the fiscal capacity to support the British economy if we were unfortunately to find ourselves in a no-deal situation," he told Sky News.
However, Hammond said the doubts about the future had already hit the economy and the next few weeks would be crucial in securing an agreement with the EU.
"The mood is undoubtedly that people want to do a deal with the UK. People want to minimise the disruption of the UK's departure from the European Union, they want to continue having a relationship with us and smooth trading partnership in the future," he told BBC TV.
"Clearly there has been a hit to the economy through the uncertainty the Brexit process has caused. Many businesses are sitting on their hands frankly waiting to see what the outcome of this negotiation is before confirming their investment plans."
Reassuring businesses they remain at the heart of the centre-right Conservatives Party's plan for the economy will be the focus of Hammond's speech to his party's conference on Monday.
The business community has expressed frustration over the government's lack of clarity during the Brexit process and what some see as a decision to put ideology before the economy.
"We back business, as the cornerstone of a successful economy, as a force for good in our society, and as an essential expression of our values," Hammond will say in his speech to the Conservative Party's annual conference in Birmingham.
The British Chambers of Commerce said it wanted the Conservatives to overcome their internal divisions and "to deliver real-world, practical answers to business's ongoing questions around Brexit – and avoid a messy and disorderly exit from the EU."
Relations suffered earlier this year when then-foreign minister Boris Johnson was quoted dismissing business leaders' concerns about Brexit, using foul language, in a meeting with EU diplomats.
Johnson, the bookmakers' favorite to succeed May, has become a cheerleader for hardline Brexit supporters in the Conservative Party who have denounced her so-called "Chequers" proposals and has put forward his own plans for an alternative free trade deal.
Hammond said Johnson's idea was not on offer from the EU.
"What Chequers does is offer an in-the-middle solution, down the center, taking the best from both models, and proposing a way forward which delivers on the mandate of the British people in the referendum but also protects British jobs and British businesses," he told Sky News.


Clic here to read the story from its source.