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Harsh winter could tip Europe over knife edge: ex-U.K. chancellor Hammond

Rapid China reopening may provide 'upside opportunity' for exports, he says

Former U.K. chancellor Philip Hammond: "The best strategy for the U.K. now is to try to realize the opportunities that are now available that would not have been available if we were members of the European Union."

LONDON -- Economic growth in the European Union for 2023 will likely depend on how severe winter will be this year, as the region suffers from high energy prices amid struggles to secure gas due to the war in Ukraine, former U.K. chancellor Philip Hammond said in an interview with Nikkei.

Governments in the region are rushing to secure energy by extending the life of nuclear power plants and boosting renewable energy, but the chancellor said these efforts are "not going to make a big enough difference."

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