The Latest: German official: UK's EU proposals 'unworkable'

LONDON – The Latest on British political developments (all times local):

9:25 a.m.

The foreign policy spokesman for German Chancellor Angela Merkel's party in Parliament says many British suggestions on the country's future relationship with the European Union are "unworkable."

Juergen Hardt said in a statement Thursday that, for example, "free access to the common market means, among other things, accepting other fundamental freedoms such as the freedom of movement" between European countries.

He says it's clear the "upcoming negotiations will not be easy" but said it's "the responsibility of both sides to make the process of Britain's withdrawal as smooth as possible."

Still, Hardt suggests: "Britain remaining in the EU should also be an option for the new government — it would be better for Great Britain and the rest of the EU."

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8:30 a.m.

Britain's new Treasury chief says there will be no emergency budget — even though there are questions marks hanging over the economy following the country's decision to leave the European Union.

Philip Hammond says he will meet with the head of the Bank of England, Mark Carney, on Thursday to "assess where we are."

Hammond was one of Prime Minister Theresa May's first appointments, and one of his immediate tasks was to take to the airwaves in hopes of offering calming tones of reassurance to the markets and the general public about the economy.

Hammond told ITV that while there is no plan for an emergency budget, "the markets do need signals of reassurance, they need to know we will do whatever is necessary to keep the economy on track."