{"id":3727,"date":"2018-10-28T12:37:37","date_gmt":"2018-10-28T12:37:37","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/philip-hammond-no-deal-brexit-would-require-new-budget\/"},"modified":"2018-10-28T12:37:37","modified_gmt":"2018-10-28T12:37:37","slug":"philip-hammond-no-deal-brexit-would-require-new-budget","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/philip-hammond-no-deal-brexit-would-require-new-budget\/","title":{"rendered":"Philip Hammond: No-deal Brexit would require new Budget"},"content":{"rendered":"\n
\n
<\/p>\n

\"Philip<\/span>

Image caption<\/span>
\n
\n Philip Hammond will present his Budget on Monday afternoon
\n <\/span>
\n <\/figcaption><\/figure>\n

The government will set a new Budget if it is unable to reach a Brexit deal with the EU, the chancellor has said.<\/p>\n

Philip Hammond said a no-deal Brexit would require a “different response”, with “fiscal buffers” being maintained to provide support for the economy.<\/p>\n

Mr Hammond was speaking on the eve of his Budget, which he will present to the Commons on Monday.<\/p>\n

He also hinted at more funds for the universal credit rollout, after claims that millions of homes will lose money.<\/p>\n

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.<\/p>\n

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.”<\/p>\n

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.<\/p>\n

But if the UK leaves without a deal, the government would have to “revisit where we are”, he told the BBC’s Marr Show. <\/p>\n

The chancellor added: “I have got fiscal reserves that would enable me to intervene.”<\/p>\n

Asked about Theresa May’s promise that the austerity era was over, he said there would be more support for public services “once we get a good deal with the EU” and a “smooth exit”.<\/p>\n

A deal based on the government’s preferred model – which has been criticised by the EU and some Tory MPs – would “minimise the negative effect” of leaving.<\/p>\n

Funding for roads<\/h2>\n

But Mr Hammond warned he could not say at this stage whether the overall impact would be positive or negative for the UK.<\/p>\n

The government has also been under pressure to commit extra funds to the flagship universal credit reform, amid reports that millions of households face losing money under the new system.<\/p>\n

Asked about this, Mr Hammond told the BBC’s Marr Show he had used previous Budgets to put money into the project, adding: “When we see things that need addressing, we address them.”<\/p>\n

Other expected announcements include a \u00a330bn package for England’s roads, \u00a3900m in business rates relief for small business and \u00a3650m to rejuvenate high streets.<\/p>\n<\/p><\/div>\n


\n
Source<\/a> by [author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Image caption Philip Hammond will present his Budget on Monday afternoon 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 … <\/p>\n","protected":false},"author":0,"featured_media":3728,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=3727"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/3727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/3728"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=3727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=3727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=3727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}