Hammond scraps 2020 budget surplus target on Brexit 'rollercoaster' fears

Speaking at Conservative Party Conference

Chancellor Philip Hammond has axed the deficit targets set by his predecessor George Osborne, instead focusing on housing and transport spending to boost the economy in post-Brexit times.

In a speech at the Conservative Party Conference today, Hammond (pictured) said while markets had "calmed" since the Brexit vote, the referendum result had caused uncertainty for businesses and the government had a duty to act to protect the economy. The Chancellor said the Brexit vote may cause "turbulence" and business confidence would be on a "bit of a rollercoaster". Hammond rejects idea of emergency Budget Hammond (pictured) said: "The deficit remains unsustainable and the decision to leave the EU has introduced new fiscal uncertainty. "The British people elected us on a pr...