UK chancellor, BoE chief stress Brexit perils

Britain's opposition Labour Party leader Jeremy Corbyn visits the scene of a fire disaster which destroyed a tower block in north Kensington West London Britain

Michel Barnier, the EU's chief negotiator, said discussions on trade would follow when "sufficient" progress has been made on the first phase of the talks.

While Brexit minister David Davis on Monday stressed that Britain would have to quit the EU's common market and customs union, Hammond agreed with Carney on the need for a transitional deal "to avoid unnecessary disruption and unsafe cliff edges".

Speaking earlier on Tuesday, Transport Secretary Chris Grayling denied the United Kingdom had effectively conceded to the EU's timetable for talks - which will see discussions on a future trade deal come after those on the terms of exit.

The manoeuvring came after Conservative Prime Minister Theresa May emerged wounded from a general election setback this month, which has strengthened the hand of cabinet moderates such as Hammond.

"Davis said the row of the summer would be over the sequencing of Brexit talks, and one day in he has capitulated", he said.

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Britain and the EU have agreed on the priorities and timetable for Brexit negotiations after the first session of talks on Monday, EU pointman Michel Barnier said.

Giving a keynote speech to City leaders at Mansion House, Mr. Hammond said: "We'll nearly certainly need an implementation period, outside the Customs Union itself, but with current customs border arrangements remaining in place, until new long-term arrangements are up and running".

The UK government has been keen to get an early agreement reassuring anyone in this position, and now it appears the European Union too wishes to press on with this matter.

"The four freedoms that give us the internal market must not be jeopardised", she said with reference to the EU's freedoms of movement of goods, capital, people, and services.

Britain has lost its first battle with the European Union over the timetable for Brexit talks.

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"I think it was recognition by all sides that the clock is ticking and we do really need to push on with this now and start to make positive strides toward getting a deal that is in both sides' interests".

The chancellor emphasized the importance of the UK's financial sector to the European Union and warned against any disruption to it.

"We need back control of our borders, we will leave the single market and the customs union." he said.

Meanwhile, German Chancellor Angela Merkel yesterday urged the EU's remaining 27 members to stick together during the Brexit talks. However, European officials have said in recent days negotiations must proceed on the basis of Mrs. They will use the time in between to work on proposals and exchange them.

Hammond may also give more details of his budget plans after saying on Sunday that he was "not deaf" to the weariness of voters to almost a decade of spending cuts for many services and tight controls on public sector pay.

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