Douglas Alexander MP, Labour’s Shadow Foreign Secretary, responding to Philip Hammond’s Telegraph interview, said:

“Philip Hammond’s admission that he is ready to ‘walk away’ from the EU confirms that today’s Conservative Party is pushing Britain towards the European exit door.

"David Cameron’s weakness means his Ministers are now openly speculating about walking away from Europe altogether. 

"Labour is clear that Europe is both a strategic and an economic asset for the UK. Britain leaving Europe would present the biggest threat to British national prosperity in a generation.”