Philip Hammond, the new Chancellor of the Exchequer has stated that the fiscal policies in the UK that were outlined by George Osborne were correct for that time in the UK. However, they had to be changed as there will no longer have a surplus target at the end of this parliamentary period.
Mr Hammond also warned that there is no room for a relaxed attitude and that £1 in every £10 spent, will be focused on reducing the current deficit.
In his overview of the economy speach, Mr Hammond noted the EU market had calmed since the Brexit vote, and many of the recent statistics were performing better than expected. He admitted that while the referendum had created economic uncertainty, quoting: “throughout the negotiating process, we will take whatever steps are necessary to ensure the UK economy is protected from further turbulence.”
Hammond concluded his fundamental responsibilities to be resolving the deficit, increasing productivity, rebalancing and rebuilding the UK’s economy and infrastructure.