Philip Hammond has told LBC listeners this morning (HERE) that the UK will "come out of the single market as a result of our decision to leave the European Union". I assume he was being careful, as he usually is, and making a factual statement. This means we will have to adopt WTO rules for a period after Brexit and before the new agreement on trade is in place.
There does not seem to have been any noticeable impact in the financial markets so perhaps I have misunderstood but if we "come out" banks will lose access to the EU market for financial services and this will have a huge effect on the City.
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