Contingency planning is what Britain needs to urgently manage the financial turbulence which the Brexit caused, Philip Hammond, Finance Minister, stated today in an attempt to balance the nation’s infrastructure investment and spending cuts.
Yesterday, Theresa May, Britain’s Prime Minister, said, in the annual conference of the Conservative Party, that the nation’s proper exit from the European Union will commence March 2017.
Mr. Hammond, following a conference speech, said that the British economy during the first half of 2016 was in a running mode at the rate of 8 out of 10, while emphasizing that the consumer confidence and business sentiment may suffer during the proper Brexit procedure.
Turbulence is expected to take place during the negotiating process of Britain’s exit from the EU. This condition could create uncertainty for a couple of years, Hammond highlighted further.
Contingency planning to construct the economy
Later today at a speech, Philip Hammond will likely focus on the nation’s budget and the need for a contingency plan in constructing a solid and well-structured economy.
Furthermore, as per the nation’s official data, the services sector appreciated for the month of July thus indicating that the economy was able to hold strong after the EU referendum outcome.
Moreover, Philip Hammond will likely promise to deliver a fiscal framework that will aim to bring the deficit lower, amid such fiscal plan expected to be implemented on Nov.23.