Hammond Suggests Britain May Reset Fiscal Policy in Strongest Hint of Change, Reports Reuters

LONDON (Reuters) – Britain may reconsider its fiscal policy following the Brexit vote, stated finance minister Philip Hammond on Friday, marking his most definitive remarks regarding potential policy adjustments after the country’s momentous decision to exit the European Union.

The newly appointed finance chief indicated last week that he would evaluate the pace at which the UK should reduce its budget deficit, hinting at a more measured approach compared to former Chancellor George Osborne.

Hammond mentioned that specifics would be provided during the Autumn Statement later this year.

"Over the medium term, we will have the opportunity with our Autumn Statement, our regular late-year fiscal event, to potentially reset fiscal policy if we find it necessary based on the data that emerges in the coming months, which will shed light on the economy after the referendum decision," Hammond remarked while on a visit to China, as reported by the BBC.

His statements, which did not clarify the specific fiscal measures he might consider, come amid growing concerns in the markets regarding the economic outlook post-Brexit.

Investors are expected to gain significant insights into the economy’s performance since the referendum with upcoming data on the manufacturing and services sectors.

(Story refiles to change the headline to "may reset" instead of "to reset.")