Oct 28, 2018

Philip Hammond: No-deal Brexit would require new Budget

The government will set a new Budget if it is unable to reach a Brexit deal with the EU, the chancellor has said. Philip Hammond said a no-deal Brexit would require a "Different response", with "Fiscal buffers" being maintained to provide support for the economy. The spending plans take place at a time of uncertainty over Brexit, with no deal in place five months before the UK's departure date. Questioned about the impact of a no-deal Brexit, Mr Hammond told Sky News' Ridge on Sunday programme: "We would need to look at a different strategy and frankly we'd need to have a new Budget that set out a different strategy for the future." Mr Hammond said the Budget forecasts to be used on Monday were based on an "Average-type free trade deal" being agreed between the two sides.

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