According to an article in the Financial Times, Prime Minister Theresa May’s failure to win a House of Commons majority for her vision of a so-called hard Brexit and her subsequent loss of authority has led to cabinet members publicly staking their claims for different versions of how Britain should leave the EU. Chancellor Philip Hammond reportedly mocked the Foreign Secretary, Boris Johnson, over his suggestion that Britain could “have its cake and eat it” after leaving the EU, while David Davis, the Brexit Secretary challenged chancellor Philip Hammond over his call for a transition that would extend Britain’s stay in the customs union, even if that meant the UK would not immediately be able to strike its own trade deals. Mr. Hammond’s view is to dismiss talk of “hard” or “soft” Brexit and focus on how to “continue collaborating together [with the EU] … for the benefit of all”. Mr Hammond also said that as Britain moved out of EU legal jurisdiction there would be “genuine and reasonable concerns . . . about things like the oversight and supervision of cross-border financial markets”. He added: “There are good examples of cross-border collaboration on financial services supervision around the world. We will engage, in a spirit of sincere co-operation, with all genuine concerns expressed by our EU neighbours to agree a co-operative supervisory structure based on international best practice.”
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