In his first public speech as Chancellor of the Exchequer, Philip Hammond has said that access to the EU single market must be ensured for all financial services. The UK's impending Brexit puts its membership at risk.
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Britain's newly appointed Finance Minister Philip Hammond said on Thursday that he would do whatever is necessary to steady the UK economy and give confidence to the financial markets after Britons voted in favor of leaving the European Union (EU).
"Markets do need signals of reassurance; they need to know that we will do whatever is necessary to keep the economy on track," the Chancellor of the Exchequer, Philip Hammond, told British commercial broadcaster ITV.
Speaking to various media outlets, Hammond insisted, however, that there would be no emergency budget.
"The prime minister made clear we will do an Autumn Statement in the usual way, in the autumn, and we will look carefully over the summer at the situation," he told Sky News.
New approach to budget deficit
In a later interview with BBC radio, Hammond said the UK might also consider the pace of its deficit reduction, arguing that the economy was in need of a less aggressive approach to that of his predecessor George Osborne.
After taking office in 2010, Osborne aimed to turn the UK's budget deficit, which currently stands at around 4 percent of the GDP, into a surplus by 2020. The former chancellor recently abandoned the target, however, due to the expected hit to the UK's economy following the impending Brexit.
"What we did in 2010 was exactly the right approach for the challenges that faced the British economy then," Hammond said on Thursday.
"But now we're entering a new phase in the story of the British economy with the decision to leave the European Union; our economy will change as we go forward in the future, and it will require a different set of parameters to make a success," he said.
Expected BoE cuts
Hammond was due later on Thursday to meet with Bank of England (BoE) Governor Mark Carney to further assess the UK's economic situation.
The meeting comes as the BoE prepares to announce whether its main interest rate will be cut to a new record low to under 0.5 percent in a bid to cure the economic fallout with Britain.
Following the UK's decision to vote to leave the EU on June 23, the British pound slumped to a 31-year low against the US dollar, before recovering slightly over the past three weeks.
Theresa May's vision for Brexit Britain: the new British cabinet
Some of Theresa May's cabinet members were announced as she started her tenure as prime minister. Boris Johnson, once favored to become prime minister, was named Foreign Secretary.
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Boris Johnson as top diplomat
Former London Mayor and avid Brexit campaigner Boris Johnson was appointed as foreign secretary. This move attracted almost as much attention as Wednesday's handover on Downing Street, especially abroad. Johnson's rollercoaster has taken him from prime ministerial front-runner, to political write-off, to top UK diplomat in weeks.
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Hammond made Chancellor of the Exchequer
Philip Hammond has become Britain's new finance minister, replacing George Osborne. Hammond had served as foreign minister in the outgoing government of David Cameron since 2014. He will take over 11 Downing Street, the office next door to Prime Minister May at Number 10. Hammond, 60, had previously served as transport secretary when the Conservatives took over power in 2010.
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Leadsom gets Environment Ministry after PM bid
May appointed her last rival for the top job, Andrea Leadsom, as the new minister of the environment, fisheries and rural affairs. Leadsom pulled out of the race earlier this week, after allegedly suggesting that having children made her a better candidate than Theresa May. She later claimed the remarks were misconstrued. During the referendum campaign Leadsom called for the UK to leave the EU.
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Fox to secure UK's trade connections
Liam Fox will tackle the newly-created office of Secretary of State for International Trade. A fierce euroskeptic and former doctor, Fox had previously served as defense minister in 2010 and 2011 - a position he had to resign from after giving a close personal friend and lobbyist exclusive access to the the ministry. He also threw his hat in for the party leadership (for a second time) this year.
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Amber Rudd takes May's old post
Amber Rudd will succeed Prime Minister May as interior minister. She had formerly served as Secretary of State for Energy and Climate Change after working as parliamentary private secretary to the former Chancellor of the Exchequer George Osborne from 2012 to 2013. Rudd had also campaigned quite heavily for Britain to remain in the EU. May is expected to appoint a record tally of female ministers.
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Davis as Secretary of State for Exiting the EU
David Davis will occupy the newly-created office as the "Brexit Minister." He will be in charge of laying out a timeline for the UK - EU split, which the UK had voted in favor of on June 23. The euroskeptic Conservative lawmaker had declined to join the government under Prime Minister Cameron, serving as a backbencher instead. He's a renowned Tory rebel, not just on the issue of the EU.
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Former accountant takes over cultural affairs
May named Karen Bradley as UK's new Culture Minister. Bradley, a "remainer," previously worked as a junior minister for preventing abuse, exploitations and crime. Bradley once worked as an accountant and a tax advisor. She's taking over from John Whittingdale, one of the heads on May's first-week chopping block. Whittingdale's close ties to media mogul Rupert Murdoch had come under criticism.
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Michael Fallon continues as Defense Secretary
Michael Fallon will remain in his post as Defense Secretary in Theresa May's cabinet - an office he has held for more than two years. Fallon occupied a number of ministerial posts before and has represented two different constituencies in his career as a politician.
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Truss moving up
Liz Truss is taking the reins of the justice ministry, after serving as environment minister under Cameron. One of her speeches went viral last year after she dramatically pointed out that Britain imports two thirds of its cheese. "That. Is. A. Disgrace," she said, staring intently into the camera. Similar to new PM Theresa May and colleague Jeremy Hunt, Truss supported staying in the EU.
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Hunt still on the job
Health Minister Jeremy Hunt confirmed he would keep his post in the new cabinet. "Reports of my death have been greatly exaggerated," Hunt tweeted, paraphrasing Mark Twain. The Tory has waged a long-running battle with junior doctors in Britain over new government contracts. After a series of strikes, Hunt said last week the government would simply force the doctors to accept the deal.
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Greening in charge of education
Justine Greening is another one of Cameron's ministers getting a new job under Theresa May. Greening is moving from the Ministry of International Development to head up the Ministry of Education, Women and Equalities. The new education secretary backed the "Remain" camp. Greening stated she was in a same-sex relationship in June this year, making her the first openly gay cabinet member.
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May's right-hand-man made Transport Minister
New Transport Secretary Chris Grayling previously served as the leader of the House of Commons and May's campaign chief. Unlike May, however, Grayling was a high-profile Brexit campaigner. Ahead of the cabinet reshuffle, Grayling said there was no hurry for the UK to leave and that the Article 50 "should be triggered when we're ready."
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Patel facing post Brexit clear-up
May appointed Priti Patel, another "Brexiteer," as the Minister of International Development. The Indian-origin conservative once said that the immigration from within the EU was "out of control - and cannot be controlled as long as we stay in the EU." Patel also argued that Turkey would soon be joining the EU – hours after Cameron said this wasn't likely this millennium.
