Are we going to be semi-detached EU members?
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Philip Hammond on transitional Brexit deal

Chancellor Philip Hammond told BBC Radio 4's Today he wanted to see a transitional agreement in place with the European Union once Brexit happens to avoid a "cliff edge" and a "smooth path" for businesses.

He compared it to buying a house, saying "you don't necessarily move all your furniture in on the first day you buy it".

Asked how the transitional period would be different to the UK being in the EU, he said: "In a very clear sense, we won't be members of it and we will be out of it."

(Image: Philip Hammond, centre, in parliament, credit: Reuters)