Chancellor Hammond Says No Need For Emergency Budget

(Reuters) – Britain’s new Chancellor, Philip Hammond, said the country did not need an emergency budget and he would instead monitor the economic situation over the summer before setting out spending targets as normal in the autumn.

Hammond was moved from the foreign office to run the finance ministry late on Wednesday by Prime Minister Theresa May.

“There’s a lot of work now to do,” he told Sky News. “The prime minister made clear we will do an autumn statement in the usual way in the autumn and we’ll look carefully over the summer at the situation.

“I’m seeing the governor of the Bank of England this morning and we’ll take stock of where we are.”