UK Finance Minister Hammond: UK economy is fundamentally in good shape

"Britain will hold its annual budget on Nov. 22, finance minister Philip Hammond said on Tuesday," Reuters reported.

Key highlights (via Reuters):

• UK economy is fundamentally in good shape
• Our economy has inevitably been overshadowed by Brexit talks uncertainty
• Asked about leaked home office Brexit migration paper, says would advise listening to home secretary instead
• Should be possible to harmonise customs procedures during Brexit transition without friction for trade
• It may be that goods trade with EU cannot be as friction-free as it is now
• We will be seeking the lowest possible level of friction for trade at the border that is compatible with UK's other aspirations
• Time scales for customs arrangements after Brexit are very challenging
• Would have a working customs system in place on day one after Brexit even in event of no deal with EU
• We have had less engagement than we would have liked with EU customs partners to discuss post-Brexit arrangements