The UK is “fundamentally strong” but Brexit means “there will be a cost to leaving the EU”, Philip Hammond admitted today as he prepared to publish new official forecasts.

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“A no-deal exit will have a much higher cost impact on the economy than the deal the PM has negotiated” – Chancellor @PhilipHammondUK is due to set out the government’s analysis of the economic impact of #Brexit.

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Speaking to Sky News, the chancellor acknowledged that “remaining in the single market” – rejected by the prime minister Theresa May– was the best way to secure the country’s economic future.  He said: “if the only consideration was the economy.” then remaining in the EU “would be a better outcome for the economy” – but not by much.

He further said that the analysis being published later today will show that a no-deal exit will have a much higher cost impact on the economy than May’s deal. Hammond says that offers the political benefits of being out with “very little economic cost”.

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