Europe

UK Treasury chief warns of turbulence amid Brexit talks

  • Protesters brandish various placards and signs as they gather at an anti-austerity demonstration outside the Conservative Party Conference in Birmingham, England, Sunday Oct. 2, 2016.  The ruling Conservative Party is holding its annual party conference in Birmingham, and Prime Minister Theresa May is scheduled to give a key note speech to conference Sunday. (Ben Birchall / PA via AP)

    Protesters brandish various placards and signs as they gather at an anti-austerity demonstration outside the Conservative Party Conference in Birmingham, England, Sunday Oct. 2, 2016. The ruling Conservative Party is holding its annual party conference in Birmingham, and Prime Minister Theresa May is scheduled to give a key note speech to conference Sunday. (Ben Birchall / PA via AP)  (The Associated Press)

  • Britain's Chancellor of the Exchequer Philip Hammond speaks on the second day of the Conservative party conference in Birmingham, England, Monday Oct. 3, 2016. Philip Hammond told the BBC on Monday that Britain will face a couple of years, or longer, of uncertainty as Britain goes through the process of leaving the 28-nation trading bloc. (Joe Giddens/PA via AP)

    Britain's Chancellor of the Exchequer Philip Hammond speaks on the second day of the Conservative party conference in Birmingham, England, Monday Oct. 3, 2016. Philip Hammond told the BBC on Monday that Britain will face a couple of years, or longer, of uncertainty as Britain goes through the process of leaving the 28-nation trading bloc. (Joe Giddens/PA via AP)  (The Associated Press)

  • Britain's Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond, right, during a visit to a construction site in Birmingham, England, where new HSBC bank offices are being built, Monday Oct. 3, 2016. May announced Sunday a timetable for Britain's exit from the European Union, and Treasury chief Hammond warned on Monday of turbulence in the coming years as Britain negotiates its exit from the trading bloc. (Stefan Rousseau / PA via AP)

    Britain's Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond, right, during a visit to a construction site in Birmingham, England, where new HSBC bank offices are being built, Monday Oct. 3, 2016. May announced Sunday a timetable for Britain's exit from the European Union, and Treasury chief Hammond warned on Monday of turbulence in the coming years as Britain negotiates its exit from the trading bloc. (Stefan Rousseau / PA via AP)  (The Associated Press)

Britain's Treasury chief, Philip Hammond, has warned of turbulence in the coming years as the country negotiates its exit from the European Union.

Hammond told the BBC on Monday that Britain will face a couple of years, or longer, of uncertainty as Britain goes through the process of leaving the 28-nation trading bloc.

In comments made before he addresses the Conservative Party conference, Hammond said that during this period, "we need to support the economy."

Hammond's remarks came a day after Prime Minister Theresa May set a timetable for Britain's exit. The pound has fallen 0.5 percent on the news to $1.2859 as May's comments suggested the country was on track for a so-called "hard Brexit," in which Britain loses the possibility of continuing close ties to the bloc.