Skip to content
Thursday 3 September 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE · FR
MorningWire

European business, markets and politics

FTSE 100
10,756.45
-0.30%
DAX
25,839.33
0.00%
CAC 40
8,280.63
0.00%
STOXX 50
6,362.15
0.00%
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
More
GermanyFranceEU InstitutionsCompetitionPublic AffairsBankingTechnologyEnergy
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Regulation
  • Politics
  • Opinion
  • DE
Monday 04 July 2016 7:38 am

Philip Hammond backs Theresa May for Tory leadership as country needs “pragamatism” over “dogmatic rhetoric”

By: James Nickerson

Add as a preferred source on Google

Foreign secretary Philip Hammond has backed home secretary Theresa May for the Conservative leadership as EU negotiations "require a good dose of old-fashioned British pragmatism".

Hammond said that there is a trade off between market access and restrictions on movement, which need to be agreed at the start of negotiations and not the end, meaning a "steady hand" is needed.

Writing in the Telegraph, the Conservative minister said: "To make that early progress will require a steady hand, a steely nerve, good judgement, a clear understanding of our own political limitations and a finely tuned appreciation of the position of, and political restrictions on, our negotiating counterparts.

"But most of all it will require a good dose of old-fashioned British pragmatism. The time for dogmatic rhetoric is past; the decision to leave is made.

"But the deal we get, and with it Britain's economic future, will depend on the qualities of the next Prime Minister. That is why I am supporting Theresa May as the person best equipped to secure our nation's interests in these challenging times."

He added: "I do know this: to get the best deal, we will need our next Prime Minister to approach this process with a pragmatic, not a dogmatic, mindset."

Read more: All of the candidates to succeed Prime Minister David Cameron have agreed to publish their tax affairs

Theresa May is now the clear favourite to win the Conservative crown, with the backing of many more MPs than her competitors. 

However, Michael Gove, Andrea Leadsom, Stephen Crabb and Liam Fox have all thrown their hats into the ring.

The leadership race was thrown open after Prime Minister David Cameron said he would stand down following the government's failure to win the referendum.

Hammond added that the UK needs to "engage effectively with the EU27 to establish a sound basis on which the UK can co-operate with its European neighbours, on trade, on security, on defence and foreign policy, in educational and research collaboration and, crucially, in respect of rights and restrictions on freedom to work, study and settle in each other's territory".

Read more Gove promises crackdown on executive pay if he succeeds Cameron

Secondly, he wrote, the UK needs to develop a plan to reshape its own economy to reflect the new reality outside the EU. That is in part because of the trade off that Hammond sees as inevitable.

"Those who believe there is no need for such a trade-off have misunderstood something fundamental about the politics of the EU," Hammond continued.

"They have a principled belief in the "indivisibility of the four freedoms"; but they also have a political understanding that to give way to Britain on this question would likely lead to the unravelling of the EU. So we will need to come to a consensus as a nation on that central trade-off."

There is a range of outcomes between "no access" and "full unfettered access" to the market, with a range of corresponding outcomes on free movement, he said.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business
  • Politics

Trending Articles

  • Vodafone and Deliveroo look to patch up Reform ties after Yusuf prison threats

  • Trio of firms poised to quit London Stock Exchange as exodus gathers pace

  • Easyjet’s over-60s recruitment push is economically necessary

  • Jim O’Neill: Capital gains tax hike ‘looms’ as top option for Burnham

  • ‘Large tax hikes on the way’: How the global bond rout is boxing in Healey

More from Morning Wire

  • Kemi Badenoch’s reshuffle has refreshed the Conservative Party

    Opinion
    Kemi Badenoch and Andrew Griffith walking together on a city street, smiling.
  • Badenoch bets on experience as Griffith and Tugendhat claim shadow cabinet top spots

    Politics
    Shadow business secretary Andrew Griffith has said he would make it easier for small businesses to open bank accounts. (Photo by Dan Kitwood/Getty Images)
  • Mike Ashley slams Burnham’s ‘populist’ plans to revive high street

    Retail
    Mike Ashley in a business setting, wearing a suit, likely discussing sports retail strategy or recent business developments.
  • As Sir Keir Starmer quits parliament, will Zack Polanski replace him?

    Politics
    Keir Starmer addressing the media at a press conference, wearing a navy suit, discussing recent political developments.
  • Should Burnham dash for an early election?

    Opinion
    Andy Burnham, wearing a dark suit and glasses, speaks outdoors with trees in the background.
  • Rupert Lowe axes pensions triple lock and pledges tax cuts in economic plan

    Politics
    Rupert Lowe, former Southampton FC chairman, smiles while holding files on a city street, wearing a suit and pink tie
  • Government to inject millions into electric vehicle firms despite mandate backlash

    Politics
    Car bodies on an assembly line in a UK car plant, showcasing EV manufacturing process
  • Incoming FRC chair sits on board of construction group facing criminal probe

    Accountancy
    Blonde woman in a blue and black patterned jacket smiling in front of a window
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • EU Institutions
  • Europe

Business

  • Markets
  • Business
  • Economy
  • Regulation
  • Competition
  • Public Affairs

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook