Hammond promises “new phase” will bring economic stability

Philip Hammond has announced that the British Economy is now “entering a new phase” following the vote to leave the EU, with a focus on changing the parameters and a promise to bring stability.

Following the Brexit vote, Hammond was welcomed into number 10 to take the reins of the British economy from former Chancellor of the Exchequer George Osborne. Boris Johnson has moved into Hammond’s previous position as Foreign Secretary.

Hammond, a remain supporter in the Brexit campaign, spoke to the BBC’s Today programme to assert his position on the UK economy.

Speaking on the aftermath of Brexit, he said: “We’ve seen an effect in markets; we’ve seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiations with the European Union, what our aspirations are for the future trading relationship between Britain and the European Union”.

He continues: “But what we’ve done over the last couple of weeks is move with significant speed to put in place a new government, which can start to deliver that certainty about the future”.

Hammond will soon be meeting with Mark Carney, Governor of the Bank of England, and other key players to discuss the nation and its economy.

“My initial judgement is that the immediate impact on the economy has come from business pausing decisions that they otherwise would not have taken”, said Hammond, “And I think the most urgent thing that we need to do is to send a signal to businesses about our intentions”.

He confirmed that his intentions would ensure future “access to the EU single market”.