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World

Hammond stamps his mark on post-Brexit economy

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Opening sequence

World

Hammond stamps his mark on post-Brexit economy

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COMING UP:Hammond stamps his mark on post-Brexit economy

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Transcript

00:00:00
>> Hello.>> The UK's new chancellor with a new plan for the purse strings. Philip Hammond's to take the stand of the Conservative Party conference on Monday, making his economic mark on a post-Brexit Britain and pulling away from his predecessor, George Osborne. After taking over in July, he made clear he'd ditch Osborne's target to return finances to surplus by 2020.
00:00:22
And his speech notes give the first sign of his newfound fiscal flexibility, a £2 billion borrowing plan to tackle the housing shortage. He'll say while Osborne's policies were right at the time, times have changed, promising to still deliver fiscal discipline but in a quote pragmatic way that reflects the new circumstances.
00:00:43
Britain's economy appears to have largely weathered the initial shock of June's vote. But still look set for a sharp slowdown next year.>> There's no opt-out from Brexit.>> Prime Minister Theresa May on Sunday said she triggered the exit process by the end of March, beginning a two year countdown to negotiate the divorce.