UK's new Chancellor of the Exchequer rules out emergency budget

Newly appointed Chancellor of the Exchequer Philip Hammond said a budget would be submitted towards the end of the year, as planned by his predecessorBritain’s new Chancellor of the Exchequer Philip Hammond on Thursday ruled out an emergency budget in response to economic turbulence triggered by the country’s vote in favour of exiting the European Union. Hammond told media that a budget would not be submitted before the British autumn, adding that London’s key financial sector must retain access to the EU single market following Brexit. Ahead of last month’s EU referendum, Hammond’s predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession.

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