The UK Finance Minister Jeremy Hunt said on Friday, “I am confident we will be able to remove the vast majority of trade barriers with the European Union (EU) outside the single market.”

“We can find other ways to more than compensate for the advantages of being in the single market,” he added.

Furthermore, Hunt noted that “there is short-term disruption as we change our economic model but I believe there are long-term opportunities from Brexit.”

Earlier on, Hunt said: “It would be the wrong thing to make recession worse with public spending cuts now.”

Market reaction

At the time of writing, GBPUSD is paring back gains to near 1.1885, adding 0.25% on the day.