Davos speech sparks renewed call for Brexit clarity

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British finance minister Philip Hammond said on Friday that the country should take a pragmatic approach to Brexit, a day after facing criticism from fellow Conservatives for telling businesses that Brexit would only bring "very modest" changes.

The comments triggered an immediate backlash, with leading Brexit-supporter Jacob Rees-Mogg saying he "profoundly disagreed" with the Chancellor's commnets.

Frankfurt and Paris are set to see a trickle rather than a wave of London bankers arrive in 2018, with the prospect of a softer Brexit discouraging them from leaving Britain immediately, executives and lobbyists say.

Davis is trying to placate pro-Brexit lawmakers in Britain who accuse the government of being too timid in negotiations with the EU. Time and again, in tones of polite but unrelenting hostility, Rees-Mogg tries to make Davis concede that during the planned transition period towards Britain's separation from the EU, Britain will be what he calls an EU "vassal state", bound by EU regulations and laws, but no longer a member of the EU bodies that make the rules.

The Brexit Secretary said he was "relaxed" about the transition because it was the future deal that was most important. Privately, many European Union officials believe the period will be prolonged as it becomes obvious to the United Kingdom government that the type of trade deal it wants will be hard to reach within the the next three years.

"We'll deliver that on a frictionless access to the single market and a political and economic freedom for us in the future".

"Trade is going to increase many times and we look forward to that", he told reporters after the meeting. Hammond gave the clearest statement yet by any government minister that lawmakers may not have all the facts when they vote on the Brexit deal. "But they won't tell us what they want", he said.

Paul Dunne falters on day two of the Dubai Desert Classic
Given he was out in the afternoon's last group with McIlroy and Welshman Jamie Donaldson , it was an extremely impressive showing. So too, no doubt, will Frenchman Alexander Levy and South African Haydn Porteous .

That will not be legally binding - details of the transition will form part of a withdrawal treaty which will be agreed only by around October and legally ratified by parliaments on both sides only in the months after that.

U.S. Treasury Secretary Steven Mnuchin says the U.S is "not concerned" about the value of the dollar in the short-term.

His strident tone followed a clash with Davis at the House of Commons Brexit committee on Wednesday.

Both cities had been positioned to benefit as Britain prepares to leave the European Union, prompting London banks to seek a foothold elsewhere within the bloc in order to continue taking full advantage of the EU single market. "We're very enthusiastic about having a free trade agreement and customs union".

Currently, the economy of Britain has improved significantly despite the previously negative outlook following the Brexit vote last 2016 due to an overall global growth as well as an improvement in the economy of other countries as well. There's some speculation that a bad result in local elections in May could be a catalyst for a coup.

The decision to hold the referendum was taken by former prime minister David Cameron, who despite campaigning hard to remain in the European Union was caught on camera in Davos this week saying that Brexit was "a mistake", but not a disaster. Yet, just like her words on the steps of 10 Downing Street when she became Prime Minister, can she turn the rhetoric into positive action?