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UK new finance chief rules out emergency budget

Britain’s new finance minister Philip Hammond has ruled out an emergency budget following the recent economic turbulence triggered in the country after the Brexit vote.

Hammond said in his first interview on Thursday morning as the Chancellor of the Exchequer that there will be no “plan for an emergency budget,” following the country’s June 23 vote to leave the European Union.

The new Prime Minister Theresa May appointed Hammond on Wednesday to replace George Osborne as the Chancellor of the Exchequer.

Osborne had suggested last month before the EU referendum that an emergency budget would be needed if the country voted to leave the bloc.

“There will be an Autumn Statement in the normal way and then there will be a Budget in the normal way,” Hammond said.

“But the markets do need signals of reassurance; they need to know we will do whatever is necessary to keep the economy on track,” he added.

Osborne was the architect of Britain’s economy over the past six years and had campaigned for the country to remain in the EU.

Hammond also told reporters that he will meet with Bank of England governor Mark Carney later on Thursday to discuss about the UK’s economic situation.

Britain voted to leave the EU after 43 years of membership in a referendum last month. Some 52 percent (17.4 million) of British voters opted to leave the EU, while roughly 48 percent (16.14 million) of people voted to stay in the union.

The vote result has caused political turmoil in the country, where David Cameron announced his resignations and Theresa May was named as the new premier within a few weeks.

The vote has also sent economic shockwaves through Britain as well as global financial markets. The pound has slumped to a record low against the dollar.


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