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| Hammond: No emergency Budget | |
| (35 minutes later) | |
| The new Chancellor of the Exchequer, Philip Hammond, has said he does not anticipate the need for an emergency Budget later this year. | The new Chancellor of the Exchequer, Philip Hammond, has said he does not anticipate the need for an emergency Budget later this year. |
| However, he said the UK would face "challenges" in managing the economy because it had suffered a "shock" as a result of the Brexit vote. | However, he said the UK would face "challenges" in managing the economy because it had suffered a "shock" as a result of the Brexit vote. |
| He said the decision to leave the European Union had "rattled" confidence and caused people to put plans on hold. | He said the decision to leave the European Union had "rattled" confidence and caused people to put plans on hold. |
| Mr Hammond said the Brexit vote had surprised the markets and business. | Mr Hammond said the Brexit vote had surprised the markets and business. |
| However, he said the fact that the Conservatives had "moved quickly" to elect a new leader would help to restore confidence. | However, he said the fact that the Conservatives had "moved quickly" to elect a new leader would help to restore confidence. |
| He said he would be holding meetings today to assess "where the economy is". | He said he would be holding meetings today to assess "where the economy is". |
| Mr Hammond also said he thought Bank of England governor Mark Carney was doing an "excellent job". | Mr Hammond also said he thought Bank of England governor Mark Carney was doing an "excellent job". |
| 'Fiscal hawk' | 'Fiscal hawk' |
| Mr Hammond is one of the Conservatives' most experienced politicians. Speaking on BBC Breakfast News, he said the role of chancellor was a "job he had always been interested in". | Mr Hammond is one of the Conservatives' most experienced politicians. Speaking on BBC Breakfast News, he said the role of chancellor was a "job he had always been interested in". |
| "I believe it is now going to be incredibly important as we move forward from the historic decision that we have made to leave the European Union and try and build on that decision to stabilise our economy and then go forward to build a new future for Britain," he added. | "I believe it is now going to be incredibly important as we move forward from the historic decision that we have made to leave the European Union and try and build on that decision to stabilise our economy and then go forward to build a new future for Britain," he added. |
| Before becoming a politician, he had a career in business, in the medical equipment industry. | Before becoming a politician, he had a career in business, in the medical equipment industry. |
| Mr Hammond studied philosophy, politics and economics at Oxford University and is seen as a "fiscal hawk", which means he believes in prudent public finances. | Mr Hammond studied philosophy, politics and economics at Oxford University and is seen as a "fiscal hawk", which means he believes in prudent public finances. |
| However, he may be prevented from cutting spending or raising taxes too aggressively by Prime Minister Theresa May. | However, he may be prevented from cutting spending or raising taxes too aggressively by Prime Minister Theresa May. |
| In a speech launching her bid to become prime minister, she had said "we should no longer seek to reach a budget surplus by the end of the Parliament". | In a speech launching her bid to become prime minister, she had said "we should no longer seek to reach a budget surplus by the end of the Parliament". |