Hammond rules out emergency Budget

LONDON, ENGLAND - JULY 12: Philip Hammond, Secretary of State for Foreign and Commonwealth Affairs, arrives for a cabinet meeting at the back of Downing Street on July 12, 2016 in London, England. David Cameron will step aside tomorrow (Wednesday) after his final Prime Minister's Questions allowing current Home Secretary Theresa May to move into 10 Downing Street. She was selected unopposed by Conservative MPs to be their new leader. (Photo by Dan Kitwood/Getty Images)

New Chancellor Philip Hammond has ruled out the emergency budget George Osborne promised before the EU referendum.

Osborne said a budget would be necessary if the UK voted to leave the EU.

But speaking to Sky News Hammond ruled out a budget which Osborne said would include £30bn of spending cuts.

He also refused to confirm he would stick to Government plans to slash corporation tax below 15 per cent.

He said: “Britain is open for business. We are not turning our back on the world.

“We are determined to maintain our outward-looking stance and we are determined to maintain the prosperity of our people and keep on growing the economy and creating jobs in the future, and that’s the message I want to get out there today.

“We will do whatever we need to do to restore that confidence and to keep Britain as an attractive destination for businesses to invest and create jobs.”