Speed up Brexit transition talks or deal will be worthless, says UK's HammondLONDON (Reuters) - British finance minister Philip Hammond said on Wednesday the value of a transitional Brexit deal would decline rapidly if talks to agree it drag into next year, but said it was too soon to spend money on contingency plans. Negotiations on the terms of Britain s exit from the European Union have made slow progress before a March 2019 deadline. Talks on a transition period have not even begun. And while Hammond thinks it s too early to begin enacting contingency plans for a failure to reach an agreement, EU diplomats and officials are putting renewed focus on preparing for a legal limbo after March 2019. Their efforts have intensified as Brexit negotiations stall on issues like the bill Britain must pay to leave and the future of Northern Ireland s land border with the EU. If progress does not pick up, Hammond said, a transition agreement will rapidly diminish in value.  It is self-evident to me ... that a transitional arrangement is a wasting asset. It has a value today. It will still have a very high value at Christmas, early in the new year,  Hammond said.  But as we move through 2018 its value to everybody will diminish significantly. And I think our European partners need to think very carefully about the need for speed in order to protect the potential value to all of us of having an interim period.  British Prime Minister Theresa May has set out plans to seek a transition period after March 2019 with a set time limit. During that period, Britain wants to operate under the same rules as it currently does to provide certainty for businesses while allowing new arrangements to be put in place. Business leaders have repeatedly called for clarity on the trading conditions they will face during the transition period and beyond. Some - including banks in London s financial sector - are making arrangements to move overseas to ensure continued access to the EU market. Hammond said lack of direction to talks was hurting business investment and consumer confidence, and one of his top advisors said international banks would make decisions to move in the first three months of 2018. Britain had hoped EU leaders would agree to start talking about the future at a summit next week. But European Council President Donald Tusk poured cold water on that idea on Tuesday, saying he hoped it could happen in December. Hammond called on the EU to change their approach, warning of the possibility of a bad-tempered breakdown in talks which would see EU countries acting against their own interest.  We have made the running in this and we really need our European Union partners to engage ... We are not asking them to sign up. We are not asking them to write blank cheques. We are simply asking them to start talking to us,  he said. The limited progress in Brussels has drawn calls from some British lawmakers to walk away from the talks and start preparing for a clean break with the bloc. Hammond is considered one of the most pro-EU members of Prime Minister Theresa May s cabinet, and pro-Brexit lawmakers and campaigners have accused him of trying to water down or even halt Britain s exit. He said the government was planning for all possibilities, including Britain s leaving with no agreement on the terms of its departure or how the two would build a new relationship. He said 250 million pounds ($330 million) was being spent on planning for all scenarios. But he rejected the idea that Britain should begin putting  no deal  contingency arrangements in place, including a suggestion from a member of his own party that the government should start spending money to beef up border and customs capabilities.  Some are urging me to spend money simply to send a message to the EU that we mean business. I think the EU knows that we mean business,  Hammond said.  I don t believe we should be in the business of making potentially nugatory expenditure until the very last moment when we need to do so.  However, he warned that he would have to start spending in 2018 if there was no clear prospect of a transitional deal.  There will be some areas where we need to start spending money in the new year if we can t tell ourselves that we are moving steadily and pretty assuredly toward a transition agreement,  he said. ($1 = 0.7573 pounds) worldnews
speed brexit transition talks deal worthless says uk hammondlondon reuters british finance minister philip hammond said wednesday value transitional brexit deal would decline rapidly talks agree drag next year said soon spend money contingency plans negotiations terms britain exit european union made slow progress march deadline talks transition period even begun and hammond thinks early begin enacting contingency plans failure reach agreement eu diplomats officials putting renewed focus preparing legal limbo march their efforts intensified brexit negotiations stall issues like bill britain must pay leave future northern ireland land border eu if progress pick hammond said transition agreement rapidly diminish value it transitional arrangement wasting asset it value today it still high value christmas early new year hammond said but move value everybody diminish significantly and i think european partners need think carefully need speed order protect potential value us interim period british prime minister theresa may set plans seek transition period march set time limit during period britain wants operate rules currently provide certainty businesses allowing new arrangements put place business leaders repeatedly called clarity trading conditions face transition period beyond some including banks london financial sector making arrangements move overseas ensure continued access eu market hammond said lack direction talks hurting business investment consumer confidence one top advisors said international banks would make decisions move first three months britain hoped eu leaders would agree start talking future summit next week but european council president donald tusk poured cold water idea tuesday saying hoped could happen december hammond called eu change approach warning possibility breakdown talks would see eu countries acting interest we made running really need european union partners engage we asking sign we asking write blank cheque we simply asking start talking us said the limited progress brussels drawn calls british lawmakers walk away talks start preparing clean break bloc hammond considered one members prime minister theresa may cabinet lawmakers campaigners accused trying water even halt britain exit he said government planning possibilities including britain leaving agreement terms departure two would build new relationship he said million pounds million spent planning scenarios but rejected idea britain begin putting deal contingency arrangements place including suggestion member party government start spending money beef border customs capabilities some urging spend money simply send message eu mean business i think eu knows mean business hammond said i believe business making potentially nugatory expenditure last moment need however warned would start spending clear prospect transitional deal there areas need start spending money new year tell moving steadily pretty assured toward transition agreement said pounds worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Speed up Brexit transition talks or deal will be worthless, says UK's HammondLONDON (Reuters) - British finance minister Philip Hammond said on Wednesday the value of a transitional Brexit deal would decline rapidly if talks to agree it drag into next year, but said it was too soon to spend money on contingency plans. Negotiations on the terms of Britain s exit from the European Union have made slow progress before a March 2019 deadline. Talks on a transition period have not even begun. And while Hammond thinks it s too early to begin enacting contingency plans for a failure to reach an agreement, EU diplomats and officials are putting renewed focus on preparing for a legal limbo after March 2019. Their efforts have intensified as Brexit negotiations stall on issues like the bill Britain must pay to leave and the future of Northern Ireland s land border with the EU. If progress does not pick up, Hammond said, a transition agreement will rapidly diminish in value.  It is self-evident to me ... that a transitional arrangement is a wasting asset. It has a value today. It will still have a very high value at Christmas, early in the new year,  Hammond said.  But as we move through 2018 its value to everybody will diminish significantly. And I think our European partners need to think very carefully about the need for speed in order to protect the potential value to all of us of having an interim period.  British Prime Minister Theresa May has set out plans to seek a transition period after March 2019 with a set time limit. During that period, Britain wants to operate under the same rules as it currently does to provide certainty for businesses while allowing new arrangements to be put in place. Business leaders have repeatedly called for clarity on the trading conditions they will face during the transition period and beyond. Some - including banks in London s financial sector - are making arrangements to move overseas to ensure continued access to the EU market. Hammond said lack of direction to talks was hurting business investment and consumer confidence, and one of his top advisors said international banks would make decisions to move in the first three months of 2018. Britain had hoped EU leaders would agree to start talking about the future at a summit next week. But European Council President Donald Tusk poured cold water on that idea on Tuesday, saying he hoped it could happen in December. Hammond called on the EU to change their approach, warning of the possibility of a bad-tempered breakdown in talks which would see EU countries acting against their own interest.  We have made the running in this and we really need our European Union partners to engage ... We are not asking them to sign up. We are not asking them to write blank cheques. We are simply asking them to start talking to us,  he said. The limited progress in Brussels has drawn calls from some British lawmakers to walk away from the talks and start preparing for a clean break with the bloc. Hammond is considered one of the most pro-EU members of Prime Minister Theresa May s cabinet, and pro-Brexit lawmakers and campaigners have accused him of trying to water down or even halt Britain s exit. He said the government was planning for all possibilities, including Britain s leaving with no agreement on the terms of its departure or how the two would build a new relationship. He said 250 million pounds ($330 million) was being spent on planning for all scenarios. But he rejected the idea that Britain should begin putting  no deal  contingency arrangements in place, including a suggestion from a member of his own party that the government should start spending money to beef up border and customs capabilities.  Some are urging me to spend money simply to send a message to the EU that we mean business. I think the EU knows that we mean business,  Hammond said.  I don t believe we should be in the business of making potentially nugatory expenditure until the very last moment when we need to do so.  However, he warned that he would have to start spending in 2018 if there was no clear prospect of a transitional deal.  There will be some areas where we need to start spending money in the new year if we can t tell ourselves that we are moving steadily and pretty assuredly toward a transition agreement,  he said. ($1 = 0.7573 pounds) worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: speed brexit transition talks deal worthless says uk hammondlondon reuters british finance minister philip hammond said wednesday value transitional brexit deal would decline rapidly talks agree drag next year said soon spend money contingency plans negotiations terms britain exit european union made slow progress march deadline talks transition period even begun and hammond thinks early begin enacting contingency plans failure reach agreement eu diplomats officials putting renewed focus preparing legal limbo march their efforts intensified brexit negotiations stall issues like bill britain must pay leave future northern ireland land border eu if progress pick hammond said transition agreement rapidly diminish value it transitional arrangement wasting asset it value today it still high value christmas early new year hammond said but move value everybody diminish significantly and i think european partners need think carefully need speed order protect potential value us interim period british prime minister theresa may set plans seek transition period march set time limit during period britain wants operate rules currently provide certainty businesses allowing new arrangements put place business leaders repeatedly called clarity trading conditions face transition period beyond some including banks london financial sector making arrangements move overseas ensure continued access eu market hammond said lack direction talks hurting business investment consumer confidence one top advisors said international banks would make decisions move first three months britain hoped eu leaders would agree start talking future summit next week but european council president donald tusk poured cold water idea tuesday saying hoped could happen december hammond called eu change approach warning possibility breakdown talks would see eu countries acting interest we made running really need european union partners engage we asking sign we asking write blank cheque we simply asking start talking us said the limited progress brussels drawn calls british lawmakers walk away talks start preparing clean break bloc hammond considered one members prime minister theresa may cabinet lawmakers campaigners accused trying water even halt britain exit he said government planning possibilities including britain leaving agreement terms departure two would build new relationship he said million pounds million spent planning scenarios but rejected idea britain begin putting deal contingency arrangements place including suggestion member party government start spending money beef border customs capabilities some urging spend money simply send message eu mean business i think eu knows mean business hammond said i believe business making potentially nugatory expenditure last moment need however warned would start spending clear prospect transitional deal there areas need start spending money new year tell moving steadily pretty assured toward transition agreement said pounds worldnews