EU: Semi-detached members?

The Chancellor has told the Today programme there will be a transitional agreement in place with the European Union once Brexit happens.

He compared it to buying a house, saying "you don't necessarily move all your furniture in the first day you buy it".

Philip Hammond was questioned on how this would be different to the UK being in the EU.

His response: "In a very clear sense, we won't be members of it and we will be out of it."