Britain seeking EU deal where benefits outweigh tradeoffs, finance minister Healey says

Asked by the BBC whether efforts to improve post-Brexit ties risked creating fresh uncertainty, Healey said Britain was seeking agreements on areas including food and farming that would reduce red tape, ease costs for businesses and help bring down prices.

Prime Minister Andy Burnham has sought to deepen cooperation with the European Union since taking office, arguing Britain should consider a broader reset of ties with the bloc to support economic growth and tackle shared challenges.

Burnham told European Commission President Ursula von der Leyen at the European Political Community summit on Thursday that it was time for Britain and the EU to chart a new course that cut costs for farmers and food producers and eased pressure on shop prices on both sides.

"It was clear that the Brexit deal as negotiated had done more harm than good and that the status quo wasn't working for either side," Burnham added. 

Burnham said last month that Britain needed an "honest discussion" about its future relationship with the EU and suggested freedom of movementcould be considered as part of a wider package of cooperation.

Healey said the Brexit deal agreed 10 years ago under the previous government "just isn't good enough".

"Where we can improve that we will," he told the BBC.

Pressed on whether closer cooperation would involve trade-offs, Healey said: "The benefits to Britain, to the cost of business, the relief of some of the pressure of prices for consumers outweighs the costs."

"That's the trade-off," he added.

Healey also drew a distinction with financial services, saying Britain would continue to "forge our own way" in the sector.

(Reporting by Sam Tabahriti; Editing by Kate Holton and Paul Sandle)