Britain’s Treasury Chief, Philip Hammond, has warned of turbulence in the coming years as the country negotiates its exit from the European Union. Hammond told the BBC today that Britain will face a couple of years, or longer, of uncertainty as Britain goes through the process of leaving the 28-nation trading bloc.
In comments made before he addresses the Conservative Party conference, Hammond said the country would continue its austerity program even as it abandoned the goal of the previous government to put the country’s books into surplus by the end of the decade.
The policy would allow the government the ability to borrow more to invest in the economy after the Brexit shock. Hammond’s remarks came a day after Prime Minister Theresa May set a timetable for Britain’s exit.