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Shadow Home Secretary Diane Abbott said Labour was not taking "any options off the table" with regards to Brexit.
Asked about single market membership on BBC Newsnight, Ms Abbott said: "It would be foolish at this stage to take options off the table."
Shadow chancellor John McDonnell made similar remarks on Wednesday - but Jeremy Corbyn has previously suggested the UK cannot remain a member after leaving the EU.
The party's international trade spokesman, Barry Gardiner, has gone further, saying the UK should also rule out remaining in the customs union beyond any transitional period.