Philip Hammond urges business leaders to accept Brexit result

Speaking in Davos, chancellor says changes such as end to free movement are on the way

Philip Hammond has told business leaders they need to accept the result of Britain's EU referendum and warned that a failure to implement it would damage the country's political stability.

The chancellor told increasingly restless business leaders that he was working for a deal that safeguarded the economy, and said he understood their frustration but companies had to accept that changes were coming - such as an end to the free movement of people and business models built on a supply of cheap labour.

Davos is a Swiss ski resort now more famous for hosting the annual four-day conference for the World Economic Forum. For participants it is a festival of networking. Getting an invitation is a sign you have made it - and the elaborate system of badges reveals your place in the Davos hierarchy.

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