LONDON (Reuters) – Britain’s finance minister challenged the two contenders to become the country’s next prime minister over their promises to use room for maneuver in the public finances to increase spending after Brexit.
Philip Hammond, who backed Remain in the 2016 Brexit referendum, spelt out his warnings about the impact on the budget of leaving the European Union without a deal, something both candidates have said they are prepared to do.
Firepower - Case - Brexit - Spending - Transition
“The ‘fiscal firepower’ we have built up in case of a no-deal Brexit will only be available for extra spending if we leave with an orderly transition,” Hammond said on Twitter.
“If not it will all be needed to plug the hole a no-deal Brexit will make in the public finances.”
Candidates - Prime - Minister - Theresa - May
Both candidates to replace Prime Minister Theresa May – Boris Johnson and Jeremy Hunt – have said they will spend billions of pounds on public services, infrastructure and tax cuts.
“There is as you know about 26 billion quids (pounds) worth of headroom. The money is there,” Johnson said when asked on Monday how he would pay for his plans. “We also think there is room to make some sensible tax cuts as well, and we will be doing that...
Wake Up To Breaking News!