U.K. May Need New Budget If No Brexit Deal Is Reached

(Bloomberg) -- The U.K. would need new tax and spending plans and may need to extend austerity measures if the country fails to secure a Brexit deal, Chancellor of the Exchequer Philip Hammond said in an interview with Sky News.

Without an accord with the European Union, then “frankly we’d need to have a new budget that set out a different strategy for the future,” Hammond said on “Ridge on Sunday.”

U.K. May Need New Budget If No Brexit Deal Is Reached

The chancellor is due to make his Budget speech on Monday and is under pressure to end almost a decade of austerity.

“We would take appropriate fiscal measures to protect the economy, to prepare us for the future and to strike out in a new direction that would ensure that Britain was able to succeed whatever the circumstances we found ourselves in,” he said.

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