In order to balance the demands of fixing the weak public finances and for boosting the economy, Britain requires a revision in its economic plans. Philip Hammond, the finance minister made the statement following the decision of Britain to exit the European Union. The economy of Britain has been severely impacted following the Brexit vote in June. Hammond has devised plans to ease the stern rules governing which were laid down by George Osborne, his predecessor.
Investments to build a fairer economy
Hammond presented his ideas in an annual conference help in Birmingham. He put forward his ideas stating that although budgetary discipline is crucial for the country, there is a need for making investments in order to build the economy. He said that the Britons have elected him based on the promise for restoring fiscal discipline which is what he and his team intends to do. He intends to implement changes in a pragmatic manner.
Growth in giant services
The previous week, the official data proved that the giant services of Britain have grown strongly in July. This gives out a clear sign stating that the economy has not been impacted following the EU referendum. Hammond has delivered a promise of developing a credible and clear fiscal framework for reassuring investors. He has plans to focus on investment that is essential for long-term growth by controlling the public spending on a day-to-day basis. He even stated that he would fund modest infrastructure projects if required.
Hammond’s plan to deliver fiscal sustainability over a long term is his topmost priority. He said that there is a need to recognise investments that would build the economy. He also stated that he is working on responding to the consequences of uncertainty in the short term in order to fix the financial woes gripping the nation.
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