Hammond says WTO option would not be best outcome of Brexit

Britain's Chancellor of the Exchequer Philip Hammond attends a meeting with CEOs and board members of Japanese financial institutions in Tokyo, Japan December 15, 2016. REUTERS/Issei Kato

SEOUL (Reuters) - World Trade Organisation access, whereby Britain would rely on its WTO membership for access to European markets, would not be the best outcome of Brexit, Chancellor Philip Hammond, said on Friday.

“In my view, the WTO option would not be the most favoured outcome,” Hammond told reporters at an event in the South Korean capital, Seoul.

“I hope that we would be able to agree with our European partners tariff-free access but on a reciprocal basis.”

Hammond was on the final leg of a tour to South Africa, Japan and South Korea.

Reporting by James Pearson; Editing by Robert Birsel