Britain's Foreign Secretary is warning it will be catastrophic if the UK loses access to the European single market in the wake of the country's vote for a so-called Brexit, an exit from the European Union.
Philip Hammond also told ITV's "Peston on Sunday" program that the cabinet will remain in place until a new Prime Minister is chosen. On Friday Prime Minister David Cameron gave notice he will step down after a defeat for his Remain campaign for the UK stay part of the European Union.
Mr Hammond said there would be no rush to serve the Article 50 notice, the official trigger that will start a 2 year period for the UK to negotiate its exit from the European block. However he warned the negotiating stakes are high when it comes to trade.
IN: "I believe . ..
OUT: … catastrophic. "
DUR: 16 seconds
CLIP: http://www.fsnradionews.com/feeds/0626Brexit-Hammond2.mp3