Britain's former finance minister Philip Hammond said on Sunday he would vote against Prime Minister Boris Johnson's bid on Monday to force an election, saying parliament should be focused on trying to secure a deal to leave the European Union.

Britain's former finance minister Philip Hammond said on Sunday he would vote against Prime Minister Boris Johnson's bid on Monday to force an election, saying parliament should be focused on trying to secure a deal to leave the European Union. "I shall be voting against him. This is not the time to be holding a general election, it is a time for cool heads and grown up government," Hammond told Sky News, adding that parliament should instead be scrutinising the Brexit deal. "The government should stop making threats, stop throwing tantrums and get on with the grown up business of doing its business," he said.

I will not back government's election bid, says UK former finance minister

Former British finance minister&nbsp;Philip Hammond, who quit the government as finance minister last week before Boris Johnson became UK's prime minister, has reportedly held secret talks with the opposition Labour Party to work out a strategy&nbsp;to stop a no-deal Brexit, news agency Reuters reported quoting a newspaper report.

Hammond, who has long opposed leaving the European Union without a transition deal, met Labour's top Brexit official, Kier Starmer, shortly after he quit the government, the report said quoting UK's Observer.

The newspaper said Hammond and Starmer agreed to work with other senior lawmakers including former Conservative minister Oliver Letwin to discuss how best use parliamentary votes to stop a no-deal outcome, the report said.

"The political direction of travel under Boris Johnson is clear," Starmer told the newspaper. "And so it is more important than ever that we build a strong cross-party alliance to stop a no-deal Brexit."

Johnson has said he wants to strike a new Brexit deal with the EU but is prepared to take Britain out of the bloc without one on Oct. 31, if necessary.

He has also said he would not take off the table the possibility of suspending parliament if lawmakers threatened to block a no-deal Brexit.

(With inputs from Reuters)

Former British finance minister Philip Hammond, who quit the government as finance minister last week before Boris Johnson became UK's prime minister, has reportedly held secret talks with the opposition Labour Party to work out a strategy to stop a no-deal Brexit, news agency Reuters reported quoting a newspaper report.

Former British finance minister Philip Hammond, who quit the government as finance minister last week before Boris Johnson became UK's prime minister, has reportedly held secret talks with the opposition Labour Party to work out a strategy to stop a no-deal Brexit, news agency Reuters reported quoting a newspaper report. Hammond, who has long opposed leaving the European Union without a transition deal, met Labour's top Brexit official, Kier Starmer, shortly after he quit the government, the report said quoting UK's Observer. The newspaper said Hammond and Starmer agreed to work with other senior lawmakers including former Conservative minister Oliver Letwin to discuss how best use parliamentary votes to stop a no-deal outcome, the report said. "The political direction of travel under Boris Johnson is clear," Starmer told the newspaper. "And so it is more important than ever that we build a strong cross-party alliance to stop a no-deal Brexit." Johnson has said he wants to strike a new Brexit deal with the EU but is prepared to take Britain out of the bloc without one on Oct. 31, if necessary. He has also said he would not take off the table the possibility of suspending parliament if lawmakers threatened to block a no-deal Brexit. (With inputs from Reuters)

Former UK finance minister, Labour to work out ways to block no-deal Brexit: Report

Britain's Finance Minister Philip Hammond said on Sunday he would resign on Wednesday before his expected sacking by the favourite to become Britain's next prime minister, Boris Johnson, takes office.

"I am sure I am not going to be sacked because I am going to resign before we get to that point," Hammond told the BBC's Andrew Marr Show.

"Assuming that Boris Johnson becomes prime minister, I understand that his conditions for serving in his government would include accepting a no-deal (EU) exit on the 31st of October. That is not something I could ever sign up to," he said.

British Foreign Minister Jeremy Hunt is also in the running for the country's top seat, after outgoing prime minister Theresa May leaves office on Wednesday.

Britain's Finance Minister Philip Hammond said on Sunday he would resign on Wednesday before his expected sacking by the favourite to become Britain's next prime minister, Boris Johnson, takes office.

Britain's Finance Minister Philip Hammond said on Sunday he would resign on Wednesday before his expected sacking by the favourite to become Britain's next prime minister, Boris Johnson, takes office. "I am sure I am not going to be sacked because I am going to resign before we get to that point," Hammond told the BBC's Andrew Marr Show. "Assuming that Boris Johnson becomes prime minister, I understand that his conditions for serving in his government would include accepting a no-deal (EU) exit on the 31st of October. That is not something I could ever sign up to," he said. British Foreign Minister Jeremy Hunt is also in the running for the country's top seat, after outgoing prime minister Theresa May leaves office on Wednesday.

Britain's Finance Minister Philip Hammond to resign on Wednesday over no-deal Brexit

Climate change protesters briefly interrupted a high-profile speech by British Finance Minister Philip Hammond to leaders of the country's financial services industry on Thursday. Minister Suspended For Assault.

U.K Finance Minister Suspended For Assault, Video Shows Minister Grabbing Woman's Neck

A junior foreign office minister has been suspended pending an investigation after grabbing a woman&nbsp;demonstrator by the neck and pushing her when a climate-change protest interrupted a speech by Britain's finance minister.

Several women prevented Philip Hammond from speaking for a few minutes by using loudspeakers to shout slogans during an annual banquet in London's landmark Mansion House building on Thursday evening.

Footage posted online by broadcaster ITV showed foreign office minister Mark Field grappling with one of the women and holding her by the back of her neck as he marched her out of the room.

He subsequently apologised but a spokeswoman for Prime Minister Theresa May said on Friday Field had been suspended from his responsibilities whilst an investigation takes place.

"The prime minister has seen the footage and she found it very concerning," she added.

Field told ITV his response was due to fears over security.

"In the current climate, I felt the need to act decisively to close down the threat to the safety of those present," he said in a statement.

His office did not respond to a request for comment from Reuters.

The main opposition Labour Party's spokeswoman for women and equalities Dawn Butler said Field should be immediately suspended or sacked. "This is horrific," she wrote on Twitter.

Environmental campaign group Greenpeace said it had organised the protest in the heart of the capital's banking district, accusing the finance industry of funding climate change and the finance ministry of trying to water down government action to mitigate it.

It criticised Field's response to the demonstrator.

"I don't see any justification for the kind of violent behaviour that we saw from him last night. It's an extremely shocking and concerning state of affairs," said Rebecca Newsom, Head of Politics at Greenpeace UK.

The City of London Corporation is looking again at its procedures after Thursday night's incident.

“We are investigating last night’s breach of security at Mansion House and will be reviewing arrangements for future events," said a spokesman. 
&nbsp;

A junior foreign office minister has been suspended pending an investigation after grabbing a woman demonstrator by the neck and pushing her when a climate-change protest interrupted a speech by Britain's finance minister.

A junior foreign office minister has been suspended pending an investigation after grabbing a woman demonstrator by the neck and pushing her when a climate-change protest interrupted a speech by Britain's finance minister. Several women prevented Philip Hammond from speaking for a few minutes by using loudspeakers to shout slogans during an annual banquet in London's landmark Mansion House building on Thursday evening. Footage posted online by broadcaster ITV showed foreign office minister Mark Field grappling with one of the women and holding her by the back of her neck as he marched her out of the room. He subsequently apologised but a spokeswoman for Prime Minister Theresa May said on Friday Field had been suspended from his responsibilities whilst an investigation takes place. "The prime minister has seen the footage and she found it very concerning," she added. Field told ITV his response was due to fears over security. "In the current climate, I felt the need to act decisively to close down the threat to the safety of those present," he said in a statement. His office did not respond to a request for comment from Reuters. The main opposition Labour Party's spokeswoman for women and equalities Dawn Butler said Field should be immediately suspended or sacked. "This is horrific," she wrote on Twitter. Environmental campaign group Greenpeace said it had organised the protest in the heart of the capital's banking district, accusing the finance industry of funding climate change and the finance ministry of trying to water down government action to mitigate it. It criticised Field's response to the demonstrator. "I don't see any justification for the kind of violent behaviour that we saw from him last night. It's an extremely shocking and concerning state of affairs," said Rebecca Newsom, Head of Politics at Greenpeace UK. The City of London Corporation is looking again at its procedures after Thursday night's incident. “We are investigating last night’s breach of security at Mansion House and will be reviewing arrangements for future events," said a spokesman.

UK minister suspended after grabbing woman demonstrator by the neck

Climate change protesters briefly interrupted a high-profile speech by British Finance Minister Philip Hammond to leaders of the country's financial services industry on Thursday. Several women, wearing red evening dresses and sashes with the words 'climate emergency', prevented Hammond from speaking for a few minutes by using loudspeakers to shout slogans during a banquet in London's landmark Mansion House building.

Climate protesters interrupt speech by UK finance minister Philip Hammond

<a href="https://www.wionews.com/south-asia/us-france-and-uk-in-intense-discussions-with-china-on-azhar-listing-at-un-203689">Britain and China</a> began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit.

Launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the Huawei fallout.

The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said.

Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added.

Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market.

"Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia."

The link-up allows investors to trade across London and Chinese time zones and ultimately raise fresh capital, although unlike UK companies, not every Chinese-listed firm is eligible to take part.

"The culmination of four years' work, Stock Connect will mean, for the first time, that international investors will be able to access China A-shares from outside of Greater China, and through international trading and settlement practices," the UK Treasury explained.&nbsp;

"Stock Connect will not require any direct trading infrastructure links," it added.

There are almost 1,500 companies listed in Shanghai, including more than 260 potentially eligible to take part in Stock Connect and list in London, the statement added.&nbsp;

Catherine McGuinness, policy chief for the City of London financial district, described the agreement as "good news for the UK, China and the wider global economy".

She added: “Innovation is key to London maintaining its position as a leading international financial hub."

Britain and China began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit.

Britain and China began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit. Launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the Huawei fallout. The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said. Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added. Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market. "Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia." The link-up allows investors to trade across London and Chinese time zones and ultimately raise fresh capital, although unlike UK companies, not every Chinese-listed firm is eligible to take part. "The culmination of four years' work, Stock Connect will mean, for the first time, that international investors will be able to access China A-shares from outside of Greater China, and through international trading and settlement practices," the UK Treasury explained. "Stock Connect will not require any direct trading infrastructure links," it added. There are almost 1,500 companies listed in Shanghai, including more than 260 potentially eligible to take part in Stock Connect and list in London, the statement added. Catherine McGuinness, policy chief for the City of London financial district, described the agreement as "good news for the UK, China and the wider global economy". She added: “Innovation is key to London maintaining its position as a leading international financial hub."

United Kingdom shares list in China in first for foreign firms

The British government on Wednesday presented draft legislation to reduce carbon emissions to net zero by 2050 in what it said would be a first for a major economy.

The new target was broadly welcomed across the political spectrum but environmental groups said it would require radical action to decarbonise the entire economy.

The deadline is far more ambitious than Britain's current policy of cutting emissions by 80 per cent over the same period and Finance Minister Philip Hammond has reportedly warned it could cost more than £1.0 trillion.

The 2050 date will be introduced in existing climate change laws through a piece of legislation known as a statutory instrument that parliament is expected to approve.

"As the first country to legislate for long-term climate targets, we can be truly proud of our record in tackling climate change," Prime Minister Theresa May said.

In one of her final acts before she steps down next month, she said Britain "must lead the world to a cleaner, greener form of growth".

"Standing by is not an option," she added.

'A strong signal'

Britain's top advisory body on climate change this year said the net zero target could be achieved within a budget of 1.0-2.0 per cent of gross domestic product by 2050.

But the Committee on Climate Change (CCC) added that the deadline would require the rapid rollout of new policies such as making all new cars and vans electric by 2035 and quadrupling low-carbon electricity production.

"This step will send a strong signal to other countries to follow suit," said John Gummer, the committee's chief.

Carolyn Fairbairn, head of the Confederation of British Industry big business lobby, said companies were "squarely behind" the commitment but she urged the government to come up with long-term policies to decarbonise the economy.

The deadline would put Britain on track to fully meet its commitments under The Paris Agreement, under which countries have pledged to keep the global average temperature rise to well below 2 degrees Celsius.

If replicated across the world and coupled with near-term emissions reductions, there would be a greater than 50 per cent chance of limiting the temperature increases to just 1.5 degrees Celsius -- the "safe" upper limit identified by the UN's International Panel on Climate Change last October, the CCC said.

Other EU countries have also pencilled in various emission reduction deadlines, although none have been adopted into law.

In France, the government introduced a bill in April setting a 2050 target date, while Norway is discussing 2030.

The world's net carbon emissions grew by an "unsustainable" rate of 2.0 per cent last year, according to a closely-watched review by energy giant BP published on Tuesday.

The review also found that global energy demand grew by 2.8 per cent, with the United States recording the biggest increase of any country.

'Crucial first step'

The UK government's move was quickly welcomed by environmental campaigners from Greenpeace, which called it "a big moment for everyone in the climate movement".

"While the loopholes being woven into the legislation by the Treasury will need to be unpicked, and the date moved forward, this decision fires the starting gun for a fundamental transformation of our economy," the group's chief UK scientist Doug Parr said.

Craig Bennett, UK chief executive of Friends of the Earth, said May's premiership had been "characterised by chronic inaction on climate breakdown" and 2050 was "still too slow to address catastrophic climate change".

Gareth Redmond King, head of climate change at the environmental charity WWF, said the announcement was a "crucial first step" that would be helped by technological advances in solar panel and wind turbine technology.

The British government on Wednesday presented draft legislation to reduce carbon emissions to net zero by 2050 in what it said would be a first for a major economy.

The British government on Wednesday presented draft legislation to reduce carbon emissions to net zero by 2050 in what it said would be a first for a major economy. The new target was broadly welcomed across the political spectrum but environmental groups said it would require radical action to decarbonise the entire economy. The deadline is far more ambitious than Britain's current policy of cutting emissions by 80 per cent over the same period and Finance Minister Philip Hammond has reportedly warned it could cost more than £1.0 trillion. The 2050 date will be introduced in existing climate change laws through a piece of legislation known as a statutory instrument that parliament is expected to approve. "As the first country to legislate for long-term climate targets, we can be truly proud of our record in tackling climate change," Prime Minister Theresa May said. In one of her final acts before she steps down next month, she said Britain "must lead the world to a cleaner, greener form of growth". "Standing by is not an option," she added. 'A strong signal' Britain's top advisory body on climate change this year said the net zero target could be achieved within a budget of 1.0-2.0 per cent of gross domestic product by 2050. But the Committee on Climate Change (CCC) added that the deadline would require the rapid rollout of new policies such as making all new cars and vans electric by 2035 and quadrupling low-carbon electricity production. "This step will send a strong signal to other countries to follow suit," said John Gummer, the committee's chief. Carolyn Fairbairn, head of the Confederation of British Industry big business lobby, said companies were "squarely behind" the commitment but she urged the government to come up with long-term policies to decarbonise the economy. The deadline would put Britain on track to fully meet its commitments under The Paris Agreement, under which countries have pledged to keep the global average temperature rise to well below 2 degrees Celsius. If replicated across the world and coupled with near-term emissions reductions, there would be a greater than 50 per cent chance of limiting the temperature increases to just 1.5 degrees Celsius -- the "safe" upper limit identified by the UN's International Panel on Climate Change last October, the CCC said. Other EU countries have also pencilled in various emission reduction deadlines, although none have been adopted into law. In France, the government introduced a bill in April setting a 2050 target date, while Norway is discussing 2030. The world's net carbon emissions grew by an "unsustainable" rate of 2.0 per cent last year, according to a closely-watched review by energy giant BP published on Tuesday. The review also found that global energy demand grew by 2.8 per cent, with the United States recording the biggest increase of any country. 'Crucial first step' The UK government's move was quickly welcomed by environmental campaigners from Greenpeace, which called it "a big moment for everyone in the climate movement". "While the loopholes being woven into the legislation by the Treasury will need to be unpicked, and the date moved forward, this decision fires the starting gun for a fundamental transformation of our economy," the group's chief UK scientist Doug Parr said. Craig Bennett, UK chief executive of Friends of the Earth, said May's premiership had been "characterised by chronic inaction on climate breakdown" and 2050 was "still too slow to address catastrophic climate change". Gareth Redmond King, head of climate change at the environmental charity WWF, said the announcement was a "crucial first step" that would be helped by technological advances in solar panel and wind turbine technology.

Britain sets deadline for carbon neutrality by 2050

Britain must find a way to leave the European Union in an ''orderly'' fashion rather than trying to oust Prime Minister Theresa May, finance minister Philip Hammond was quoted as saying on Sunday.&nbsp;

When asked by Sky about newspaper reports of a plot to oust May by senior ministers and whether she had run out of the road, Hammond said, "No. I don't think that is the case at all."

"<a href="https://www.wionews.com/world/british-pm-theresa-may-facing-plot-from-ministers-to-oust-her-205268">Changing prime minister</a> wouldn't help us," Reuters quoted him as saying. "To be talking about changing the players on the board, frankly, is self-indulgent at this time."

"I'm realistic that we may not be able to get a majority for the <a href="https://www.wionews.com/world/over-1-million-rally-in-london-demanding-second-referendum-on-brexit-online-petition-grows-205194">prime minister's (Brexit) deal</a> and if that is the case then parliament will have to decide not just what it's against but what it is for," he said.

When asked about possible options for Brexit, Hammond said he was not sure there was a majority in parliament for a second referendum but that it was a coherent proposition.

"It's clear there is going to be an opportunity over the next few days for the House of Commons, if it doesn't approve the prime minister's deal, to try to find a majority behind another proposition that it can take forward," Hammond said.

Britain must find a way to leave the European Union in an ''orderly'' fashion rather than trying to oust Prime Minister Theresa May, finance minister Philip Hammond was quoted as saying on Sunday.

Britain must find a way to leave the European Union in an ''orderly'' fashion rather than trying to oust Prime Minister Theresa May, finance minister Philip Hammond was quoted as saying on Sunday. When asked by Sky about newspaper reports of a plot to oust May by senior ministers and whether she had run out of the road, Hammond said, "No. I don't think that is the case at all." "Changing prime minister wouldn't help us," Reuters quoted him as saying. "To be talking about changing the players on the board, frankly, is self-indulgent at this time." "I'm realistic that we may not be able to get a majority for the prime minister's (Brexit) deal and if that is the case then parliament will have to decide not just what it's against but what it is for," he said. When asked about possible options for Brexit, Hammond said he was not sure there was a majority in parliament for a second referendum but that it was a coherent proposition. "It's clear there is going to be an opportunity over the next few days for the House of Commons, if it doesn't approve the prime minister's deal, to try to find a majority behind another proposition that it can take forward," Hammond said.

UK finance minister Hammond denies plot to oust PM May but admits deal may not pass  

Britain on Wednesday slashed its 2019 economic growth forecast, as finance minister Philip Hammond said lifting Brexit's "cloud of uncertainty" was parliament's "most urgent task".

The UK economy is forecast to grow by 1.2 percent this year, sharply down on the government's prediction of 1.6 percent in October, Hammond said as he gave a budget update hours before MPs vote on whether to allow the country to leave the EU with no deal.

Analysts expect parliament instead to favor delaying Britain's departure beyond the March 29 exit date, in a further vote due Thursday.

This is after parliament on Tuesday overwhelmingly rejected the country's draft Brexit divorce agreement with Brussels.

"I am acutely conscious that the House (of Commons) has other pressing matters on its mind today," Chancellor of the Exchequer Hammond told MPs after announcing that British gross domestic product growth would be much lower than expected this year, with the UK economy hit also by China's slowdown and trade war tensions.

"Last night's vote leaves a cloud of uncertainty hanging over our economy and... our most urgent task in this House is to lift that uncertainty," Hammond said in his budget address.

"Leaving with 'no deal' would mean a significant disruption in the short and medium term, and a smaller, less prosperous economy in the long term than if we leave with a deal -- higher unemployment, lower wages, higher prices in the shops.&nbsp;

"That is not what the British people voted for in June 2016" to leave the EU, the chancellor added.

Hammond added that the UK economy was expected to grow by 1.4 percent in 2020, unchanged from the government's October forecast.

Britain on Wednesday slashed its 2019 economic growth forecast, as finance minister Philip Hammond said lifting Brexit's "cloud of uncertainty" was parliament's "most urgent task".

Britain on Wednesday slashed its 2019 economic growth forecast, as finance minister Philip Hammond said lifting Brexit's "cloud of uncertainty" was parliament's "most urgent task". The UK economy is forecast to grow by 1.2 percent this year, sharply down on the government's prediction of 1.6 percent in October, Hammond said as he gave a budget update hours before MPs vote on whether to allow the country to leave the EU with no deal. Analysts expect parliament instead to favor delaying Britain's departure beyond the March 29 exit date, in a further vote due Thursday. This is after parliament on Tuesday overwhelmingly rejected the country's draft Brexit divorce agreement with Brussels. "I am acutely conscious that the House (of Commons) has other pressing matters on its mind today," Chancellor of the Exchequer Hammond told MPs after announcing that British gross domestic product growth would be much lower than expected this year, with the UK economy hit also by China's slowdown and trade war tensions. "Last night's vote leaves a cloud of uncertainty hanging over our economy and... our most urgent task in this House is to lift that uncertainty," Hammond said in his budget address. "Leaving with 'no deal' would mean a significant disruption in the short and medium term, and a smaller, less prosperous economy in the long term than if we leave with a deal -- higher unemployment, lower wages, higher prices in the shops. "That is not what the British people voted for in June 2016" to leave the EU, the chancellor added. Hammond added that the UK economy was expected to grow by 1.4 percent in 2020, unchanged from the government's October forecast.

United Kingdom slashes 2019 economic growth forecast: Budget

Britain's finance minister Philip Hammond said Thursday there had been "some movement" by the European Union that could lead to a breakthrough in Brexit talks in "the next few days".

Hammond said progress in the ongoing negotiations could result in a fresh vote next week on prime minister <a href="http://www.wionews.com/world/three-uk-conservatives-quit-party-in-protest-over-disastrous-brexit-198557">Theresa May's EU divorce deal</a>, which was rejected by lawmakers last month.

"There may be an opportunity to bring a vote back to the House of Commons," he told the BBC.&nbsp;

"But that will depend on the progress that's made over the next few days. These discussions are ongoing."

May and the other 27 EU leaders approved a Brexit withdrawal agreement at a summit on November 25 last year, but the British parliament voted against it overwhelmingly on January 15.

Since then, she and her ministers have repeatedly urged EU leaders and their negotiator, Michel Barnier, to revise a "backstop" clause in the text on the Irish border that is hated by eurosceptic MPs.

EU chiefs have insisted they will not reopen the legally-enforceable withdrawal deal but could add to an accompanying political declaration which sets out aspirations for the future relationship.

May met with European Commission president Jean-Claude Juncker on Wednesday hoping for movement on the contentious backstop, as fears grow Britain could crash out of the bloc without a deal on March 29.

In a joint statement, they said the "constructive" talks covered what legal "guarantees could be given with regard to the backstop that underlines once again its temporary nature".

The pair also noted discussing "the role alternative arrangements could play in replacing the backstop in future".

Hammond said the statement constituted "some movement from the European side".

Despite officials in both Brussels and London playing down suggestions that an EU-Arab summit this weekend could become a Brexit "deal in the desert" meeting, Hammond added May's attendance was an "opportunity to talk to some of the European counterparts there".

Brexit Secretary Stephen Barclay and Attorney General Geoffrey Cox were set to hold "detailed discussions" with Barnier in Brussels on Thursday, according to Downing Street.

Cox -- whose previous legal analysis of May's deal confirmed Brexiteer fears the backstop could "trap" Britain indefinitely in an EU customs union -- is seen as an influential figure if the prime minister is to get her agreement through parliament.

Britain's finance minister Philip Hammond said Thursday there had been "some movement" by the European Union that could lead to a breakthrough in Brexit talks in "the next few days".

Britain's finance minister Philip Hammond said Thursday there had been "some movement" by the European Union that could lead to a breakthrough in Brexit talks in "the next few days". Hammond said progress in the ongoing negotiations could result in a fresh vote next week on prime minister Theresa May's EU divorce deal, which was rejected by lawmakers last month. "There may be an opportunity to bring a vote back to the House of Commons," he told the BBC. "But that will depend on the progress that's made over the next few days. These discussions are ongoing." May and the other 27 EU leaders approved a Brexit withdrawal agreement at a summit on November 25 last year, but the British parliament voted against it overwhelmingly on January 15. Since then, she and her ministers have repeatedly urged EU leaders and their negotiator, Michel Barnier, to revise a "backstop" clause in the text on the Irish border that is hated by eurosceptic MPs. EU chiefs have insisted they will not reopen the legally-enforceable withdrawal deal but could add to an accompanying political declaration which sets out aspirations for the future relationship. May met with European Commission president Jean-Claude Juncker on Wednesday hoping for movement on the contentious backstop, as fears grow Britain could crash out of the bloc without a deal on March 29. In a joint statement, they said the "constructive" talks covered what legal "guarantees could be given with regard to the backstop that underlines once again its temporary nature". The pair also noted discussing "the role alternative arrangements could play in replacing the backstop in future". Hammond said the statement constituted "some movement from the European side". Despite officials in both Brussels and London playing down suggestions that an EU-Arab summit this weekend could become a Brexit "deal in the desert" meeting, Hammond added May's attendance was an "opportunity to talk to some of the European counterparts there". Brexit Secretary Stephen Barclay and Attorney General Geoffrey Cox were set to hold "detailed discussions" with Barnier in Brussels on Thursday, according to Downing Street. Cox -- whose previous legal analysis of May's deal confirmed Brexiteer fears the backstop could "trap" Britain indefinitely in an EU customs union -- is seen as an influential figure if the prime minister is to get her agreement through parliament.

Brexit breakthrough possible within days: UK finance minister Philip Hammond

Britain's finance minister pledged Sunday that "fiscal buffers" would be in place to deal with the potential chaos of the country crashing out of the European Union without a deal in March.

Philip Hammond was speaking ahead of his speech in parliament Monday in which he is to lay out Britain's last budget before Europe's second-largest economy breaks up with the other 27 nations in the bloc.

The chancellor of the exchequer voiced optimism that the two sides could still reach an agreement despite the current impasse in negotiations.

But he told the BBC that he "can't give an absolute guarantee because there have to be two parties -- it takes two to tango".

And he stressed that he was keeping financial firepower in reserve in case Britain crashes out without a deal and a period of financial mayhem ensues.

"What I will continue to do is maintain fiscal buffers, a reserve of borrowing power against my fiscal rules so that if the economy as a result of a no-deal Brexit -- or indeed because of something else we haven't anticipated -- needs support for the coming months and years, I have the capacity to provide that support," he said.

"That depends on what the markets are doing, it depends at the circumstances at the moment."

Officials in Brussels say they are prepared to hold another summit as soon as they see substantial progress on the outstanding issue of the Irish border.

A new UK-EU frontier will emerge between Ireland and Britain's Northern Ireland on March 29.

But the sides still cannot agree how to maintain frictionless trade that accounts for the different customs and regulatory rules that exist between Britain and the EU.

Hammond said that getting a deal "will minimise any negative effects" of the divorce but refused to be drawn on how much damage Brexit as a whole was causing.

And he admitted that Britain would need to come up with a brand new budget in a no-deal scenario.

"If we were to find ourselves in that situation, then we would need to take a different approach to the future of Britain's economy," he told Sky News.

"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."

Britain's finance minister pledged Sunday that "fiscal buffers" would be in place to deal with the potential chaos of the country crashing out of the European Union without a deal in March.

Britain's finance minister pledged Sunday that "fiscal buffers" would be in place to deal with the potential chaos of the country crashing out of the European Union without a deal in March. Philip Hammond was speaking ahead of his speech in parliament Monday in which he is to lay out Britain's last budget before Europe's second-largest economy breaks up with the other 27 nations in the bloc. The chancellor of the exchequer voiced optimism that the two sides could still reach an agreement despite the current impasse in negotiations. But he told the BBC that he "can't give an absolute guarantee because there have to be two parties -- it takes two to tango". And he stressed that he was keeping financial firepower in reserve in case Britain crashes out without a deal and a period of financial mayhem ensues. "What I will continue to do is maintain fiscal buffers, a reserve of borrowing power against my fiscal rules so that if the economy as a result of a no-deal Brexit -- or indeed because of something else we haven't anticipated -- needs support for the coming months and years, I have the capacity to provide that support," he said. "That depends on what the markets are doing, it depends at the circumstances at the moment." Officials in Brussels say they are prepared to hold another summit as soon as they see substantial progress on the outstanding issue of the Irish border. A new UK-EU frontier will emerge between Ireland and Britain's Northern Ireland on March 29. But the sides still cannot agree how to maintain frictionless trade that accounts for the different customs and regulatory rules that exist between Britain and the EU. Hammond said that getting a deal "will minimise any negative effects" of the divorce but refused to be drawn on how much damage Brexit as a whole was causing. And he admitted that Britain would need to come up with a brand new budget in a no-deal scenario. "If we were to find ourselves in that situation, then we would need to take a different approach to the future of Britain's economy," he told Sky News. "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."

UK preparing 'buffers' for no-deal Brexit: Finance minister

British Prime Minister Theresa May&#39;s long-awaited government reshuffle Monday was branded ineffectual and shambolic after she promoted few fresh faces to her top team and a minister resigned rather than accept a new post.

Education Secretary Justine Greening became the fourth minister to leave the Cabinet since November, after resisting a request to move to the welfare and pensions ministry.

Meanwhile, health minister Jeremy Hunt convinced May at the last minute to scrap plans to move him to the business department, according to media reports.&nbsp;

Most of her senior ministers also kept their jobs in the reshuffle, including Foreign Secretary Boris Johnson, Brexit minister David Davis and finance minister Philip Hammond.

The prime minister carried out what her office called a &quot;refresh&quot; of the government after sacking her deputy Damian Green last month in a row over pornography found on his computer in 2008.

His departure followed those of the defence and aid ministers in unrelated scandals the previous month.

May hoped the shakeup would help her reassert authority ahead of crunch Brexit negotiations this year, and following a torrid 2017 in which she lost her parliamentary majority in a snap election last summer.

An interim deal on Brexit in December appeared to give her new impetus, and the much-anticipated reshuffle was arranged.

But the day began in a farcical fashion when her Conservative party announced a new chairman on Twitter, only to delete the tweet and later name another lawmaker for the post.

&quot;No wonder Theresa May&#39;s struggling to negotiate Brexit -- she can&#39;t even organise a reshuffle,&quot; opposition Labour MP Stephen Kinnock swiftly tweeted.

Following Hunt&#39;s reported refusal to move and Greening&#39;s resignation later Monday, Britain&#39;s newspapers were quick to lambast May&#39;s reboot.

The Times&#39;&nbsp;front page called the reshuffle &quot;shambolic&quot; while The Daily Telegraph declared it the &quot;night of the blunt stiletto&quot;.&nbsp;

Some Conservative lawmakers appeared to agree, with Tory grandee Nicholas Soames tweeting: &quot;I don&#39;t mean to be rude or to be seen to be disloyal but there needs to be a major improvement to the reshuffle tomorrow.&quot;

May is expected to announce a reshuffle of her lower government ranks on Tuesday. Greening&#39;s resignation is likely to be viewed as a challenge to the prime minister&#39;s already fragile authority.

She was offered the welfare ministry &quot;but declined to take it,&quot; a Downing Street source said.

&quot;The prime minister is disappointed but respects her decision to leave the government&quot;, the source added.

For her part, Greening said in a tweet that educational issues like social mobility matter &quot;more than my ministerial career&quot;, and vowed to continue to work for young people as a member of parliament.

May&#39;s room for manoeuvre is limited by heading a minority government and the need to maintain a delicate Cabinet balance of eurosceptic and pro-European ministers as major Brexit decisions loom.

After starting the two-year withdrawal process in March last year, Britain struck a deal in December on the financial settlement with Brussels, as well as on expatriate rights and the Irish border.

Negotiations on a transition deal begin this month, while the toughest talks, on Britain&#39;s future relationship with the EU including trade, are set to start in March.

Johnson, a leading Brexit supporter, kept his job at the foreign office, despite challenging May&#39;s strategy last year, as did fellow eurosceptic Liam Fox, the international trade minister.

Finance minister Hammond and interior minister Amber Rudd, who campaigned to stay in the EU, continue as before.

Former justice secretary David Lidington took over the policy coordination role previously held by Green but did not inherit the title of May&#39;s deputy.

Northern Ireland Secretary James Brokenshire, who failed to secure a deal to restore the power-sharing government in Belfast after it collapsed a year ago, stepped down for health reasons Monday and has been replaced by culture minister Karen Bradley.

The former Conservative party chairman, Patrick McLoughlin, lost his job after the disastrous snap election.

It was one of several low points last year for the prime minister, who took office in July 2016 after the referendum on leaving the EU and began her tenure strongly with a bold Cabinet reshuffle.

Education Secretary Justine Greening became the fourth minister to leave the Cabinet since November

British Prime Minister Theresa May's long-awaited government reshuffle Monday was branded ineffectual and shambolic after she promoted few fresh faces to her top team and a minister resigned rather than accept a new post. Education Secretary Justine Greening became the fourth minister to leave the Cabinet since November, after resisting a request to move to the welfare and pensions ministry. Meanwhile, health minister Jeremy Hunt convinced May at the last minute to scrap plans to move him to the business department, according to media reports. Most of her senior ministers also kept their jobs in the reshuffle, including Foreign Secretary Boris Johnson, Brexit minister David Davis and finance minister Philip Hammond. The prime minister carried out what her office called a "refresh" of the government after sacking her deputy Damian Green last month in a row over pornography found on his computer in 2008. His departure followed those of the defence and aid ministers in unrelated scandals the previous month. May hoped the shakeup would help her reassert authority ahead of crunch Brexit negotiations this year, and following a torrid 2017 in which she lost her parliamentary majority in a snap election last summer. An interim deal on Brexit in December appeared to give her new impetus, and the much-anticipated reshuffle was arranged. But the day began in a farcical fashion when her Conservative party announced a new chairman on Twitter, only to delete the tweet and later name another lawmaker for the post. "No wonder Theresa May's struggling to negotiate Brexit -- she can't even organise a reshuffle," opposition Labour MP Stephen Kinnock swiftly tweeted. Following Hunt's reported refusal to move and Greening's resignation later Monday, Britain's newspapers were quick to lambast May's reboot. The Times' front page called the reshuffle "shambolic" while The Daily Telegraph declared it the "night of the blunt stiletto". Some Conservative lawmakers appeared to agree, with Tory grandee Nicholas Soames tweeting: "I don't mean to be rude or to be seen to be disloyal but there needs to be a major improvement to the reshuffle tomorrow." May is expected to announce a reshuffle of her lower government ranks on Tuesday. Greening's resignation is likely to be viewed as a challenge to the prime minister's already fragile authority. She was offered the welfare ministry "but declined to take it," a Downing Street source said. "The prime minister is disappointed but respects her decision to leave the government", the source added. For her part, Greening said in a tweet that educational issues like social mobility matter "more than my ministerial career", and vowed to continue to work for young people as a member of parliament. May's room for manoeuvre is limited by heading a minority government and the need to maintain a delicate Cabinet balance of eurosceptic and pro-European ministers as major Brexit decisions loom. After starting the two-year withdrawal process in March last year, Britain struck a deal in December on the financial settlement with Brussels, as well as on expatriate rights and the Irish border. Negotiations on a transition deal begin this month, while the toughest talks, on Britain's future relationship with the EU including trade, are set to start in March. Johnson, a leading Brexit supporter, kept his job at the foreign office, despite challenging May's strategy last year, as did fellow eurosceptic Liam Fox, the international trade minister. Finance minister Hammond and interior minister Amber Rudd, who campaigned to stay in the EU, continue as before. Former justice secretary David Lidington took over the policy coordination role previously held by Green but did not inherit the title of May's deputy. Northern Ireland Secretary James Brokenshire, who failed to secure a deal to restore the power-sharing government in Belfast after it collapsed a year ago, stepped down for health reasons Monday and has been replaced by culture minister Karen Bradley. The former Conservative party chairman, Patrick McLoughlin, lost his job after the disastrous snap election. It was one of several low points last year for the prime minister, who took office in July 2016 after the referendum on leaving the EU and began her tenure strongly with a bold Cabinet reshuffle.

British PM's cabinet reshuffle marred by resignation

British finance minister Philip&nbsp;Hammond&nbsp;said on Wednesday that a &quot;cloud&nbsp;of uncertainty&quot; about&nbsp;Brexit&nbsp;was hanging over the country&#39;s&nbsp;economy and needed to be cleared as quickly as possible.

&quot;My general view of our&nbsp;economy&nbsp;is that it is fundamentally robust. We have some very strong things going for us, a strong outlook for the future,&quot;&nbsp;Hammond&nbsp;told lawmakers.

&quot;But the&nbsp;cloud&nbsp;of uncertainty is a temporary damper and we need to remove it as soon as possible by making progress with the (Brexit) negotiation process,&quot; he said.

The International Monetary Fund kept its growth forecasts for Britain on hold on Tuesday even as it raised its projections for growth in many other economies around the world.

The International Monetary Fund kept its growth forecasts for Britain on hold.

British finance minister Philip Hammond said on Wednesday that a "cloud of uncertainty" about Brexit was hanging over the country's economy and needed to be cleared as quickly as possible. "My general view of our economy is that it is fundamentally robust. We have some very strong things going for us, a strong outlook for the future," Hammond told lawmakers. "But the cloud of uncertainty is a temporary damper and we need to remove it as soon as possible by making progress with the (Brexit) negotiation process," he said. The International Monetary Fund kept its growth forecasts for Britain on hold on Tuesday even as it raised its projections for growth in many other economies around the world.

UK economy under cloud of Brexit uncertainty: British finance minister

Britain will continue to follow the European Union (EU) trade rules until it remains a member of the bloc, Britain&#39;s finance minister, Philip Hammond, said.

&quot;Britain remains a fully engaged member of EU,&quot; Hammond said.

He was responding to a question on Theresa May&#39;s visit to United States where she is expected to hold a meeting with her counterpart, President Donald Trump, drawing up a free trade deal that will link the two countries once the UK exits the European Union.

Theresa May will hold talks with Trump in a few hours from now where she is expected to lay the roadmap for the bilateral trade deal between the two countries.&nbsp;

&quot;Of course we want to strengthen our trade ties with the very many trade partners we have around the world. But we are very mindful of our obligations under the treaty and will follow them precisely,&quot; Philip Hammond told reporters arriving at a meeting of EU finance ministers in Brussels, Reuters reported.

May&#39;s visit has created a furore among EU members as negotiating independent trade deals outside of the 27-member bloc would amount to a violation of EU treaties.

On Wednesday, European Union&#39;s chief Brexit negotiator Michel Barnier said that Britain was free to &quot;discuss&quot; its trade ties with the US but it remains bound by EU treaties as long as it is a part of the bloc, AFP reported.

Britain is expected to start negotiating a two-year-long exit route out of the bloc beginning March.&nbsp;

(WION with inputs from agencies) 
&nbsp;

Theresa May and Donald Trump are expected to draw up a free trade deal today which will link US and Britain once it exits EU

Britain will continue to follow the European Union (EU) trade rules until it remains a member of the bloc, Britain's finance minister, Philip Hammond, said. "Britain remains a fully engaged member of EU," Hammond said. He was responding to a question on Theresa May's visit to United States where she is expected to hold a meeting with her counterpart, President Donald Trump, drawing up a free trade deal that will link the two countries once the UK exits the European Union. Theresa May will hold talks with Trump in a few hours from now where she is expected to lay the roadmap for the bilateral trade deal between the two countries. "Of course we want to strengthen our trade ties with the very many trade partners we have around the world. But we are very mindful of our obligations under the treaty and will follow them precisely," Philip Hammond told reporters arriving at a meeting of EU finance ministers in Brussels, Reuters reported. May's visit has created a furore among EU members as negotiating independent trade deals outside of the 27-member bloc would amount to a violation of EU treaties. On Wednesday, European Union's chief Brexit negotiator Michel Barnier said that Britain was free to "discuss" its trade ties with the US but it remains bound by EU treaties as long as it is a part of the bloc, AFP reported. Britain is expected to start negotiating a two-year-long exit route out of the bloc beginning March. (WION with inputs from agencies)

Britain's finance minister says will uphold EU rules on trade till it's a member

Britain could change its economic model to regain competitiveness if it were to leave the European Union without an agreement on market access, British finance minister Philip Hammond said in a German newspaper interview published on Sunday.

In a thinly veiled threat that Britain could use its corporate tax as a form of leverage in Brexit negotiations, Hammond told Welt am Sonntag he hoped Britain would remain a European-style economy with corresponding tax and regulation systems.

&quot;But if we are forced to be something different, then we will have to become something different,&quot; Hammond said when asked directly about Britain&#39;s plans to lower corporate tax.

&quot;If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short-term,&quot; he said.

&quot;In this case, we could be forced to change our economic model and we will have to change our model to regain competitiveness,&quot; Hammond said. &quot;We will change our model, and we will come back, and we will be competitively engaged.&quot;

German Chancellor Angela Merkel has said the EU must consider limiting Britain&#39;s access to its market if London fails to accept the bloc&#39;s &#39;four freedoms&#39; in Brexit negotiations.

The EU&#39;s single market emerged from the 1992 Maastricht Treaty on European integration. This enshrines the EU&#39;s &quot;four freedoms&quot; - of movement of goods, capital, people, and services.

British Prime Minister Theresa May has repeatedly said she will not reveal her Brexit negotiating strategy before triggering Article 50 of the EU&#39;s Lisbon Treaty, a step expected by the end of March.

May has said she wants Britain to regain control over immigration, restore its sovereignty and also establish the best possible trading relations with the EU.

But senior EU leaders have warned Britain there could be no &quot;cherry picking&quot;, and Merkel has urged the 27 remaining EU states not to allow themselves to be divided.

Hammond said in the interview Britain had not taken a firm position yet on what form of immigration controls it wants.

&quot;But we are aware that the message from the referendum is that we must control our immigration policy,&quot; he added.

Hammond said Britain did not want to close its doors completely to EU citizens who wanted to work in the UK.

&quot;Clearly we need people to come and work in our economy to keep it functioning,&quot; Hammond said. &quot;But we must have overall control.&quot;

(Reuters)

Theresa May has repeatedly said she will not reveal her Brexit negotiating strategy before triggering Article 50 of the EU's Lisbon Treaty

Britain could change its economic model to regain competitiveness if it were to leave the European Union without an agreement on market access, British finance minister Philip Hammond said in a German newspaper interview published on Sunday. In a thinly veiled threat that Britain could use its corporate tax as a form of leverage in Brexit negotiations, Hammond told Welt am Sonntag he hoped Britain would remain a European-style economy with corresponding tax and regulation systems. "But if we are forced to be something different, then we will have to become something different," Hammond said when asked directly about Britain's plans to lower corporate tax. "If we have no access to the European market, if we are closed off, if Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short-term," he said. "In this case, we could be forced to change our economic model and we will have to change our model to regain competitiveness," Hammond said. "We will change our model, and we will come back, and we will be competitively engaged." German Chancellor Angela Merkel has said the EU must consider limiting Britain's access to its market if London fails to accept the bloc's 'four freedoms' in Brexit negotiations. The EU's single market emerged from the 1992 Maastricht Treaty on European integration. This enshrines the EU's "four freedoms" - of movement of goods, capital, people, and services. British Prime Minister Theresa May has repeatedly said she will not reveal her Brexit negotiating strategy before triggering Article 50 of the EU's Lisbon Treaty, a step expected by the end of March. May has said she wants Britain to regain control over immigration, restore its sovereignty and also establish the best possible trading relations with the EU. But senior EU leaders have warned Britain there could be no "cherry picking", and Merkel has urged the 27 remaining EU states not to allow themselves to be divided. Hammond said in the interview Britain had not taken a firm position yet on what form of immigration controls it wants. "But we are aware that the message from the referendum is that we must control our immigration policy," he added. Hammond said Britain did not want to close its doors completely to EU citizens who wanted to work in the UK. "Clearly we need people to come and work in our economy to keep it functioning," Hammond said. "But we must have overall control." (Reuters)

Britain to change 'economic model' if it leaves EU without market access, says finance minister

Britain&#39;s new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. 
 
Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. 
 
&quot;It&#39;s right at the top of the agenda here at the G20,&quot; Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. &quot;It&#39;s a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces.&quot; 
 
Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. 
 
Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. 
 
The EU&#39;s top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but &quot;at the same time let&#39;s not waste time, let&#39;s not have too much uncertainty, let&#39;s act and choose as swiftly as possible.&quot; 
 
Hammond told reporters today the two-year negotiating period, once launched, represented &quot;quite a tight timescale&quot; and Britain needed to go into it with clear objectives. &quot;We have to do that before the start of the process because when we serve that notice, we need to hit the ground running,&quot; he said. 
 
But Hammond also showed he was aware of the need for some clarity on Brexit: &quot;What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union.&quot; 
 
&quot;If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets,&quot; Hammond said. 
 
May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. 
 
Govt, Bank of England have to be ready 
 
Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. 
 
Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. 
 
&quot;What it does is underscore the hit to confidence,&quot; he said. 
 
Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. 
 
&quot;We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly,&quot; he said. 
 
The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. 
 
Asked about a comment he made on Friday, that he might &quot;reset&quot; fiscal policy to cope with the Brexit fallout, Hammond said Britain&#39;s still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. 
 
&quot;What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available,&quot; he said. 
 
(Reuters)

Britain's finance minister accepted the need for some clarity on Brexit, said it's at the top of agenda at the G20

Britain's new finance minister Philip Hammond, under pressure from his peers from around the world, said today there could be more clarity later this year on how the country will exit the European Union. Several nations called on Britain during weekend talks on the world economy to explain how the politically fraught Brexit process will unfold in order to avoid adding a new drag on the long and slow recovery from the financial crisis. "It's right at the top of the agenda here at the G20," Hammond said at the end of the two-day meeting of the Group of 20 leading economies in the Chinese city of Chengdu. "It's a new factor affecting the global economic outlook and it has increased the uncertainty which the world economy faces." Britain was plunged into its biggest political crisis in decades by the June 23 Brexit vote and so far it has resisted calls from some other EU countries to trigger quickly the two-year process for negotiating its exit from the bloc. Prime Minister Theresa May, who has been in her job for less than two weeks, traveled to Germany and France last week to explain why she needed time to come up with an exit strategy. The EU's top economic official, Pierre Moscovici, said the bloc understood that Britain should not be rushed but "at the same time let's not waste time, let's not have too much uncertainty, let's act and choose as swiftly as possible." Hammond told reporters today the two-year negotiating period, once launched, represented "quite a tight timescale" and Britain needed to go into it with clear objectives. "We have to do that before the start of the process because when we serve that notice, we need to hit the ground running," he said. But Hammond also showed he was aware of the need for some clarity on Brexit: "What will start to reduce uncertainty is when we are able to set out more clearly the kind of arrangement we envisage going forward with the European Union." "If our European Union partners respond to such a vision positively - obviously it will be subject to negotiation - so that there is a sense perhaps later this year that we are all on the same page in terms of where we expect to be going, I think that will send a reassuring signal to the business community and to markets," Hammond said. May has said she does not plan to launch the formal negotiation period this year. It remains to be seen if other EU countries would enter informal talks with Britain before the formal negotiations, something they have previously ruled out. Govt, Bank of England have to be ready Financial markets have stabilised after the initial shock of the referendum result which saw the value of the pound plunge by more than 10 per cent and trillions of dollars wiped off stock markets worldwide. But economists are expecting Britain to fall into a recession, according to a Reuters poll. Hammond said he did not think that a survey of British businesses published on Friday, which showed the sharpest fall on record in a purchasing managers index, was a sign that the economy was in already in a recession. "What it does is underscore the hit to confidence," he said. Hammond warned that Brexit-related volatility in markets would be a risk throughout the two-year negotiation period. "We have to be ready as government, the Bank of England has to be ready as monetary authority, throughout that period to respond to any instability created by that uncertainty and to ensure that the economy continues to operate smoothly," he said. The BoE is expected to cut interest rates and possibly announce more stimulus measures on August 4. Hammond has said he could ease fiscal policy in the autumn if more help is needed. Asked about a comment he made on Friday, that he might "reset" fiscal policy to cope with the Brexit fallout, Hammond said Britain's still high levels of debt meant it needed a new framework on its public finances to give clarity to markets. "What that framework will look like will depend on the decisions we make about whether or not any fiscal stimulus is required on the basis of the data we will by then have available," he said. (Reuters)

UK seeks to assuage global worries over path to Brexit

Britain&#39;s new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country&#39;s vote in favour of exiting the European Union. 
 
Hammond told media that a budget would not be submitted before the British autumn, adding that London&#39;s key financial sector must retain access to the EU single market following Brexit. 
 
Ahead of last month&#39;s EU referendum, Hammond&#39;s predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. 
 
However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond&#39;s appointment. 
 
New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. 
 
Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. 
 
Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. 
 
May &quot;made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation&quot;, Hammond told Sky News. 
 
Speaking to the ITV channel, he said that financial markets &quot;need to know we will do whatever is necessary to keep the economy on track&quot;. 
 
Bank of England meeting 
 
Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain&#39;s economy. 
 
It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. 
 
Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. 
 
But while a cut to the BoE&#39;s interest rate may help to boost business investment, it risks further weakening the pound according to analysts. 
 
&quot;There has been a chilling effect,&quot; on markets since the referendum, Hammond told BBC radio today. 
 
&quot;We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU.&quot; 
 
Businesses &quot;want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union&quot;, he told the BBC. 
 
Hammond added that during Brexit negotiations with the EU, the government needed &quot;to ensure access to the European Union single market&quot; for London&#39;s financial services. 
 
&quot;It&#39;s not only in London&#39;s interest, it&#39;s in the interest of the EU as well. London provides a crucial financial service,&quot; he added. 
 
Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. 
 
Hammond though would not be drawn on Thursday on Osborne&#39;s pledge to cut Britain&#39;s levy on company profits to under 15 per cent from 20 per cent currently. 
 
Following the referendum, Osborne also scrapped the government&#39;s promise for a budget surplus by 2020. 
 
Hammond told the BBC on today that the Conservative government had &quot;to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing.&quot; 
 
(AFP)

'We will do whatever is necessary to keep the economy on track,' Philip Hammond said

Britain's new finance minister Philip Hammond today ruled out an emergency budget in response to economic turbulence triggered by the country's vote in favour of exiting the European Union. Hammond told media that a budget would not be submitted before the British autumn, adding that London's key financial sector must retain access to the EU single market following Brexit. Ahead of last month's EU referendum, Hammond's predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession. However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc - and has now quit the government following Hammond's appointment. New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer. Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU. Hammond, who had been foreign minister in the outgoing government of Cameron, told various media outlets today that there would be no emergency budget. May "made clear we will do an Autumn Statement (budget) in the usual way, in the autumn, and we will look carefully over the summer at the situation", Hammond told Sky News. Speaking to the ITV channel, he said that financial markets "need to know we will do whatever is necessary to keep the economy on track". Bank of England meeting Hammond added that he was meeting today with Bank of England (BoE) governor Mark Carney to assess Britain's economy. It comes as the BoE prepares to announce whether it will cut its main interest rate to a new record low level under 0.50 per cent to curb the economic fallout from Brexit. Following the referendum the pound slumped to a 31-year-low against the dollar, before rebounding slightly. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. But while a cut to the BoE's interest rate may help to boost business investment, it risks further weakening the pound according to analysts. "There has been a chilling effect," on markets since the referendum, Hammond told BBC radio today. "We have seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiation with the EU." Businesses "want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union", he told the BBC. Hammond added that during Brexit negotiations with the EU, the government needed "to ensure access to the European Union single market" for London's financial services. "It's not only in London's interest, it's in the interest of the EU as well. London provides a crucial financial service," he added. Osborne had said following the referendum result that he would seek to slash corporation tax over fears of an exodus of companies from Britain. Hammond though would not be drawn on Thursday on Osborne's pledge to cut Britain's levy on company profits to under 15 per cent from 20 per cent currently. Following the referendum, Osborne also scrapped the government's promise for a budget surplus by 2020. Hammond told the BBC on today that the Conservative government had "to reduce the deficit further, but looking at how and when and at what pace we do that and how we measure our progress in doing that, is something that we now need to consider in light of the new circumstances that the economy is facing." (AFP)

British finance minister rules out emergency budget

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