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LONDON, June 20 (Reuters) – Britain’s new finance minister promised in her maiden speech on Thursday to deliver a “hard Brexit” and set out a bold policy approach to keep Britain out of the eurozone.
“The British people want a new deal with the European Union that is focused on business and consumers, with less bureaucracy and more clarity on the future trade relationship. That requires working together with other countries, countries across the European Union and around the world,” Andrea Leadsom said at the start of her second term as finance minister.
The Conservatives, who secured a landslide victory in May, say they want to renegotiate Britain’s membership of the bloc rather than vote for Brexit in an attempt to bring down costs and ease restrictions on EU immigrants.
Britain has made clear its desire to remain in the EU, and has set out proposals which would have to be agreed at summits which are due to bring together the leaders of some 28 euro zone countries.
But Leadsom has said the UK’s EU exit would be “soft” and was not about leaving the bloc entirely but about “pursuing that path” in parallel, and giving other nations the chance to benefit from British membership.
In her speech, Leadsom said Brexit would require a more flexible and flexible approach than some expected, adding that leaving the EU’s single market, customs union and single currency would make it “much harder” to manage Brexit, which she called a “privileged moment in world history.”
“We want Brexit to be a success. But, in order to deliver for Britain, and to make certain that the economic rewards the British people will benefit from a reformed EU are substantial and sustained, we need to be flexible and inclusive,” Leadsom said.
For Britain’s financial services sector, uncertainty over the EU referendum has been heightened by uncertainty over the fate of Britain’s European banking union with its 27 fellow European states.
Britain would “definitely not want to be the first country to go through a banking union breakup because some sectors are highly exposed,” said Adam Norman, a specialist in global banking at the Centre for European Reform think tank.
Norman said there was an opportunity for governments to ensure that banks would not
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