Britain will not stay in the European Union by the "backdoor" and will completely leave the single market and customs union after Brexit in 2019, Philip Hammond and Liam Fox have declared.

After a summer of bitter Cabinet infighting, the Chancellor of the Exchequer and Dr Fox, the International Trade Secretary, appear to bury the hatchet with a joint pledge that there will be a fixed transition period after leaving the EU.

In an article written for the Telegraph, the ministers - representing the Remain and Leave wings of the Tory party - say this will be "time limited" and designed to avoid a "cliff edge" that could damage British business.

Although they do not say how long this period will last, it will not represent an attempt to stay in the EU indefinitely, they say.