British Foreign Secretary Philip Hammond said that it would be "catastrophic" for the UK to lose access to the European single market following the referendum vote to leave the European Union.
Hammond, who campaigned for Britain to remain in the bloc, said Britain would not be able to keep access to the single market as the new government will assert control over migration from EU member states.
He said a successor to prime minister would have to make it clear if it would be possible to control migration and retain single market access. Meanwhile, Hammond said he would not stand as a candidate to lead the party and the country.
The EU referendum that took place on June 23 saw 51.9% votes cast to leave the European Union. Following the results, David Cameron announced he will step down as Prime Minister. The new government will be formed in three months.
"Although we will be outside the EU, it is crucial that we remain part of the single market. Leaving the single market of 500 million people - with its free-trade benefits - would be a mistake. I will be pushing the Government to ensure this is the cornerstone of the negotiations with the EU,” Sadiq Khan, the mayor of London, said.
