MOSCOW (Sputnik) – The United Kingdom will "reinvent" itself if it is denied access to the European Single Market, UK Chancellor of the Exchequer Philip Hammond said Friday.
"If we are driven out of that market, if we are denied access to our most important market, then we will for sure reinvent ourselves and create another way of being competitive," Hammond said at the World Economic Forum.
On June 23, 2016, the United Kingdom held a referendum, as a result of which the country decided to leave the 28-nation bloc. According to the final results, some 52 percent of voters supported Brexit. Following the referendum, UK Prime Minister Theresa May said the country would trigger the Article 50 of the EU Lisbon Treaty by the end of March 2017, which will mark the beginning of the withdrawal negotiations, as well as negotiations on free trade with London's international partners.
