One of the more notable appointments to Theresa May’s office was that of Philip Hammond, the new Chancellor Of The Exchequer.
Like his boss, Hammond was a remain campaigner, he has extensive cabinet experience having served as Transport Secretary in the coalition government before taking up the defence post for nearly three years. Hammond has some form in his new role, having served as Shadow Chief Secretary to the Treasury while in opposition and helping to shape George Osbourne’s austerity agenda to cut public spending.
Hammond sees no need for an emergency budget and immediate cuts to corporation tax, preferring to take stock over the summer period and will prepare a detailed autumn statement, “We will signal and set out the plans for the economy going forward in the very different situation we now face. And those plans will be implemented in the spring Budget in the normal way”.
I will eagerly watch this space but if you have any questions please do contact Michael Burgess on 01782 279615.