UK finance minister says Brexit deal with EU will need "give and take"

LONDON - British finance minister Philip Hammond said on Wednesday that Britain would need to make concessions to the European Union in order to secure the best deal for the country to leave the bloc.

"Every negotiation is about give and take on both sides and we have to go into this discussion understanding and accepting that we will have to do some give and take to get the best possible deal for Britain," Hammond told broadcaster Sky News.

Later on Wednesday Prime Minister Theresa May plans to formally notify the EU that Britain wants to leave, starting two years of exit talks.

"It has to be a deal that works for Britain and for its European Union partners, that's the only way you can get a deal done. But I'm confident as we've explored over the last nine months with our EU partners that we have a sufficient meeting of minds on this issue," Hammond said.

Hammond said leaving the EU would ensure Britain regained control over immigration, as well as reasserting the supremacy of Britain's parliament and court.