Hammond Said Ready to Drop Single-Market Access on Brexit

The transcript discusses the UK's desire to retain access to the EU single market post-Brexit without full membership, highlighting the challenges and negotiations involved. It explores Germany's reluctance to allow such access, the financial implications for London as a financial hub, and the political sensitivity surrounding immigration control. The discussion also references Norway's model of market access without membership and the financial contributions required. The complexities of triggering Article 50 and the economic and political impacts of Brexit are also examined.

What is the main challenge the UK faces in retaining access to the single market after Brexit?

• Maintaining control over immigration

• Reducing financial contributions to the EU

• Convincing Germany to allow access without membership

• Expanding London's financial center

Which country is mentioned as having access to the single market without EU membership?

• Liechtenstein

• Iceland

• Norway

• Switzerland

What is a significant concern for the UK regarding financial contributions to the EU?

• The amount of money required to maintain access

• The impact on the UK's GDP

• The effect on the UK's trade balance

• The influence on the UK's inflation rate

What event must occur for Brexit negotiations to start in earnest?

• The triggering of Article 50

• The UK Parliament's approval

• The UK's economic assessment

• The EU's formal invitation

What economic indicator is mentioned as being affected by the Brexit vote?

• The UK's GDP growth

• The UK's unemployment rate

• The value of the pound

• The UK's inflation rate