>> A day after British and EU negotiators finally met for the first time, the UK's economic top brass have been hinting at their preferred style of Brexit. British Chancellor, Philip Hammond, speaking to bankers and merchants in London.>> Negotiating mutually beneficial transitional arrangements to avoid unnecessary disruption and dangerous cliff edges.
>> Reuters' William Schomberg says the takeaway is Hammond's push for a smooth Brexit.>> He made it pretty clear again today that he feels that we need to have this transition arrangement. And that does strike a slightly different tone to much of what we heard from Prime Minister Theresa May in the run-up to the election.
Where everyone remembers her catchphrase that no deal is better than a bad deal, and that left a lot of employers worried that they might be facing some sort of abrupt exit.>> Bank of England chief, Mark Carney, also delivering a keynote address at The Mansion House speech. Already a vocal critic of leaving The EU, he took a swipe at an infamous Brexiteer.
>> Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path towards a land of cake and consumption.>> It seems to be a very reference to Boris Johnson's comments in the run-up to the election that his policy for Brexit was to have our cake and eat it.
Clearly Carney doesn't believe that such a win-win situation for the UK is possible.>> Carney also used his speech to emphasize that the time wasn't right for an interest rate rise, citing falling wage growth and the unclear implication of Brexit. That sent Sterling on a tumble. With markets now interpreting Brexit negotiations, it may not be the last.