Britain's Hammond promises new economic plan to handle Brexit turbulence
Britain needs a new fiscal plan to navigate economic turbulence caused by Britain's vote to leave the European Union, finance minister Philip Hammond said on Monday, stressing the need to balance spending cuts with infrastructure investment.
"There will be a period of a couple of years or perhaps even longer when businesses are uncertain about the final state of our relationship with the European Union and during that period we need to support the economy."
"We need to keep the lid on day to day spending, we need to make government more streamlined and efficient but I do think there is a case that we should look at very carefully for targeted high value investment in our economic infrastructure," he told BBC radio.
"In the short term it supports the economy, supports jobs, supports economic growth and in the long term it helps to make Britain more productive."
Brent crude oil prices steadied
Brent crude oil prices steadied above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, but still under pressure from an overhang in supply that currently exceeds consumption.
International benchmark Brent crude futures LCOc1 were trading at $50.25 per barrel at 0651 GMT, up 6 cents from their last close, although U.S. West Texas Intermediate (WTI) futures CLc1 were down 8 cents at $48.16 a barrel.
Reference: Reuters
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