MOSCOW (Sputnik) — The next UK prime minister will decide on when to initiate the formal proceedings and how Britain and EU should move forward, he added.
"Article 50 sets the clock ticking, and I think that at the moment – for various reasons, not least of which is that we don’t have a new prime minister in post – we are not in a position to begin substantive negotiations immediately," Hammond told lawmakers.
On June 23, British voters back the United Kingdom exiting the European Union by a slim majority of 52 percent in favor and 48 percent against.
"That remains to be determined," Hammond said. "It will be an issue for the new prime minister to discuss with EU colleagues."
He stressed the United Kingdom would remain a "continuing and full participant in the EU," "but whether it is in our best interest, in EU’s best interest for us to take up the presidency at a time when we are negotiating…our exit from the EU is the question for the next prime minister."
