British finance minister Philip Hammond says Brexit deal with EU will need 'give and take'

British Chancellor of the Exchequer Philip Hammond, arrives in 10 Downing Street for a cabinet meeting in central London, Britain on March 29, 2017.
British Chancellor of the Exchequer Philip Hammond, arrives in 10 Downing Street for a cabinet meeting in central London, Britain on March 29, 2017. PHOTO: EPA

LONDON (REUTERS) - British finance minister Philip Hammond said on Wednesday (March 29) that Britain would need to make concessions to the European Union in order to secure the best deal for the country to leave the bloc.

"Every negotiation is about give and take on both sides and we have to go into this discussion understanding and accepting that we will have to do some give and take to get the best possible deal for Britain," Mr Hammond told broadcaster Sky News.

Later on Wednesday, Prime Minister Theresa May plans to formally notify the EU that Britain wants to leave, starting two years of exit talks.

"It has to be a deal that works for Britain and for its European Union partners, that's the only way you can get a deal done. But I'm confident as we've explored over the last nine months with our EU partners that we have a sufficient meeting of minds on this issue," Mr Hammond said.

Mr Hammond said leaving the EU would ensure Britain regained control over immigration, as well as reasserting the supremacy of Britain's parliament and court.

In another interview with the BBC, Mr Hammond said on Wednesday he was confident the country would negotiate a customs arrangement with the EU that would allow for borders to be as frictionless as possible after Brexit.

"Answering a question about customs arrangements after Brexit, he said: "It is not in the interests of anybody on the continent of Europe to have lines of trucks. It is not in the interests of the millions of EU workers who spend their days producing goods to be sold in the UK."

"It is not in the interests of French farmers who produce fresh produce coming into the UK every day that there are lines of trucks. So I am very confident that we will not get an outcome that is a worst case outcome for everybody. That would be ridiculous."