Economics
Hammond Says U.K. Needs Targeted Investment to Offset Brexit
- Chancellor addresses Conservative Party conference on Monday
- Breaks with Osborne as he confirms shelving of surplus goal
What Type of Brexit Deal Should May Seek?
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Chancellor of the Exchequer Philip Hammond said the U.K. government is shelving its balanced-budget goal to allow “carefully targeted” investment to offset the economic shock that is forecast because of Brexit.
“Anecdotally we hear of businesses postponing investment decisions,” Hammond told BBC Radio 4’s “Today” program on Monday at his Conservative Party’s annual conference in Birmingham, central England. “If we don’t intervene to counteract that effect in time, that will have an effect on jobs.”