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Philip Hammond yesterday dropped a heavy hint that the Government was prepared to borrow billions of pounds extra to help the economy adjust to the 'shock' of Brexit.
The new Chancellor said the extra cash could be ploughed into infrastructure projects in a sharp change of course from the George Osborne years.
Comments - Mr - Osborne - No11 - May
In his first comments since replacing Mr Osborne in No11, he also confirmed that the May Government had junked the target of eliminating the deficit by the end of the current Parliament.
And he flatly rejected the idea that an Emergency Budget would be needed in the wake of the vote to leave the EU.
Height - Project - Fear - Mr - Osborne
At the height of Project Fear, Mr Osborne claimed tax rises and spending cuts totalling £30billion would be needed within weeks if the nation voted for Brexit.
But Mr Hammond said no hasty action was needed before the autumn statement, which is four months away. Theresa May has already said there will be no tax rises to fill any hole in the nation's finances.
Day - Chancellor - Mr - Hammond - Bank
In his first full day as Chancellor, Mr Hammond met Bank of England chief Mark Carney. He said he hoped to work with him over the summer and reassured companies that the Government would take a 'pragmatic approach' to Brexit that would 'protect the British economy'.
He sketched out how the Government plans to support the economy if there is a downturn in coming months – including borrowing more.
Chancellor - Advocate - Austerity - Cost - Money
The Chancellor, who has been a staunch advocate of austerity, said: 'Borrowing when the cost of money is cheap has some great attractions, but this country is already highly indebted and we need to be very careful about the signal we send to markets about our intentions.
'It's about getting the balance right and making sure that we borrow and invest...
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