The UK Chancellor has indicated in an interview with a German newspaper that the country may change its economic model if it loses the ability to trade with the EU after Brexit, The Wall Street Journal reports.

In response to questions about whether the UK would look to become a tax haven, Philip Hammond told Die Welt that the UK would like “to remain a recognisably European-style economy” but that it would need to change its model if it were to exit the EU without agreeing market access.