New chancellor Philip Hammond says no need for emergency budget
The recently appointed chancellor, Philip Hammond, has assured that there was no need for an emergency Budget.
His predecessor, George Osborne, had warned he would be forced to slash public spending and increase taxes to fill a £30bn "black hole" following a Brexit vote.
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Speaking to Sky News today, Hammond said: "The prime minister made clear we will do an autumn statement in the usual way in the autumn and we’ll look carefully over the summer at the situation."
"I’m seeing the governor of the Bank of England this morning and we’ll take stock of where we are."
Read more: George Osborne to return to the backbenches as Hammond becomes chancellor
Hammond was moved from his previous role as foreign secretary late last night by new Prime Minister Theresa May.
Leading Brexiteer Boris Johnson was named as foreign secretary, while Amber Rudd was appointed to home secretary and David Davis was given the recently created post of Brexit secretary.