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6
March 2017
Britain's
top treasury chief Philip Hammond is to unveil a $74 billion Brexit war chest
when he outlines his government spending budget on Wednesday in the House of
Commons.
Chancellor
of the Exchequer Hammond aims to use his showpiece budget speech to members of
parliament (MPs) to support Britain's resilience to any economic turbulence as
the country withdraws from the European Union, Xinhua news agency reported.
The
annual budget spells out Britain's spending and taxation policies for the
coming year and is regarded as one of the key events in the parliamentary
calendar.
As a
trailer to his keynote speech, Hammond has outlined some of his aims in an
article in London's Sunday Times newspaper. The Total Investment & Insurance Solutions
In the
article Hammond said it would be reckless to turn on the spending taps before
Britain left the EU in 2019. The Total
Investment & Insurance Solutions
His
speech will also be one of the last big parliamentary events before the Prime
Minister triggers Article 50, the mechanism for officially declaring to
Brussels that Britain is withdrawing from EU membership. Once Brussels is
notified, it will start an irreversible two-year process to work out the future
relationship between Britain and the remaining 27 EU member states.
Although
May has pledged to trigger Article 50 by the end of March, she could start the
process as early as the middle of the month. The Total Investment & Insurance Solutions
Hammond
said as Britain prepares to start negotiations to leave the EU and plans how to
make the most of the opportunities that lie ahead, his budget will set out the
next steps to create a stronger Britain, with an economy that works for
everyone. The Total Investment &
Insurance Solutions
"The
budget will be delivered against the backdrop of an economy that has shown
itself to be remarkably resilient, confounding expectations with a robust
performance during 2016. That performance gives us a strong base on which to
build our plan for a truly global Britain," Xinhua news agency quoted
Hammond as saying. The Total Investment
& Insurance Solutions
"Quiet
satisfaction at the strong performance of our economy should not be mistaken
for complacency. As we begin our negotiations with the EU, we are embarking on
a new chapter in our history. We need to maintain our commitment to fiscal
discipline and to strengthen our economic position as we forge our vision of
Britain's future in the world," he added. The Total Investment & Insurance Solutions
Responding
to calls for huge spending sprees, Hammond described such an approach as
"confused, reckless and unsustainable". The Total Investment & Insurance Solutions
"As
we leave the EU, we must forge our way in an ever more competitive world. And
we must ensure that Britain remains at the forefront of innovation. We are
already a centre of excellence in technology development, but we need to invest
more in maintaining and enhancing our position." The Total Investment & Insurance
Solutions
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