Chancellor may ‘reset’ economic policy in Autumn Statement
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The new Chancellor of the Exchequer has said he may use the Autumn Statement to “reset” Britain’s economic policy.
At the start of a trip to China to strengthen post-Brexit business ties, Philip Hammond said he would review economic data over the coming months.
He added that the Treasury will act “if we deem it necessary to do so”.
Before becoming Prime Minister, Theresa May had said that the government would no longer seek to reach a surplus by 2020.
Mr Hammond said on Friday: “Over the medium term we will have the opportunity with our Autumn Statement, our regular late year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months.”
Analysis: Kamal Ahmed, BBC economics editor
Well, that was a surprise.
Among the warm words on Sino- British relations (the UK still wants to be a major investment partner with China) the new Chancellor of the Exchequer dropped a small grenade.
He said the government would be willing to “reset fiscal policy” if it was deemed necessary given the decision on Brexit.
Following on from Theresa May’s announcement that the government’s 2020 target to eliminate the deficit was no more, Mr Hammond looks like he is considering a radical approach should the economy need a kick start.
That opens up a host of possibilities.
More borrowing?
More infrastructure spending supported by the state as well as private money?
Yes, the government has said it wants to “live within its means”.
And nothing has been decided.
“Reset” is only one word, after all, though a significant one.
But, as with Mrs May, Mr Hammond might be rather more headline grabbing on changes in economic direction than some expected.
Particularly if the economy looks sickly ahead of the Autumn Statement.
This week new data showed that public borrowing was lower than expected in June, but it is still expected to overshoot the government’s £55.5bn full-year borrowing forecast by £14bn.
Mr Hammond is attending his first meeting as chancellor with the G20 finance ministers which is taking place in Chengdu. He will also visit Beijing and Hong Kong.
He declared that Britain was “open for business” and was “one of the most attractive destinations in the world for international investment”.
Before Britain voted to leave the EU, China’s Finance Minister Lou Jiwei said the consequences were unclear, but that they would be felt for years to come.
Mr Lou said Brexit would “cast a shadow over the global economy” and that the “repercussions and fallout” would emerge over the next five to 10 years.
