Chancellor Philip Hammond confirms government plans to invest in housing and transport instead of George Osborne's plans for a budget surplus
The Chancellor Philip Hammond has confirmed government plans to abandon George Osborne’s plans to have a budget surplus by 2020 and instead focus on investing in housing and transport. Mr Hammond said that the change in policy was a response to the uncertainty caused by Britain’s decision to leave the European Union. He said the economy was in very good shape but efforts needed to taken to make sure it was prepared for Britain’s eventual Brexit. In his conference speech, the Chancellor hinted that the government was prepared to borrow to invest heavily in infrastructure projects. He said there was “a distinction in my mind between investing in things that will make Britain’s economy more efficient in the future, transport systems, communications systems and simply spending more on the day-to-day business of government”.