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Philip Hammond Says Economic Model Could Change In Absence Of EU Trade Deal

Chancellor of the Exchequer Philip Hammond

Britain is willing to shake up its economic model and become the tax haven of Europe if it is shut out of the EU’s single market, Chancellor Philip Hammond suggested to a German newspaper on Sunday. 

Hammond said everything is on the table to bounce back after Brexit, including slashing corporate tax rates, the WSJ reported.

“The British people are not going to lie down and say, too bad, we’ve been wounded. We will change our model, and we will come back, and we will be competitively engaged,” he said.

Hammond’s comments come ahead of a key Brexit speech by Prime Minister Theresa May on Tuesday where she has said she would provide more details of the government’s plans for leaving the EU. [WSJ]