POLITICO: UK/EU Trade Deal Which Doesn’t Include Services Not a ‘Realistic Proposition’ for Britain, Says Hammond

(POLITICO) — It is not a “realistic proposition” for the UK to accept a post-Brexit trade deal that does not include services and the EU would be “crazy” to cut itself off from London’s financial centre, the British chancellor Philip Hammond said Saturday.

In an interview with the German paper Welt am Sonntag, Hammond made clear that he regarded a deal that excluded services as unfair. “More than 80 percent of our economy is services. Services is the fastest growing area of global trade. And it is the area where we have our biggest comparative advantage,” he said.

“To enter into an agreement on goods with no agreement on services would be a very one-sided arrangement and I don’t think that could be attractive for us,” he added, “Why should you cut yourself off from the world’s leading financial center right on your doorstep and find yourself beholden to other centres like Hong Kong, Singapore, New York or Tokyo? That would be crazy in my view.”

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