Incoming Chancellor of Exchequer Says Economy Needs Stability After Brexit Vote
According to the Philip Hammond, the incoming Chancellor of the Exchequer, the U.K. Treasury will need to do what it can to restore consumer and business confidence. Confidence was shaken to its core when the county voted for Brexit.
Hammond, who wanted to stay a part of the EU, said the economy experienced a major jolt.
He said the consumers, companies, and the markets had not expected Brexit to happen, which means there must be measures implemented to restore their confidence.
Hammond, who is the U.K.’s equivalent to finance minister, said he doesn’t think there is no need for an emergency budget. He said the country’s economy was expected to go into a recession with financial services firms warning they could leave for competing financial capitals such as Dublin or Frankfurt if the U.K. chose to leave the economic and political coalition.
Hammond said the challenge now is to ensure the economy stabilizes, which can send businesses signals of confidence in the future. He said Britain is here for business, and he wants to ensure this look continues.
Hammond praised George Osborne for the week he did with the U.K. economy – taking it from the precarious position it was in in 2010 to today. He said there’s no doubt how much stronger the economy is.
He said it’s a sign that there needs to be a policy shift, redefining their approach to fit the current circumstances.