Hammond Plays Down Likelihood of Big Fiscal Boost for U.K.
- Says Bank of England’s August stimulus package has had effect
- Says fiscal boost can be created without being activated
Philip Hammond, U.K. chancellor of the exchequer.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Chancellor of the Exchequer Philip Hammond played down the likelihood he’ll announce a sweeping fiscal stimulus in response to Britain’s Brexit vote when he delivers his Autumn Statement on Nov. 23.
Reaffirming plans to drop his predecessor George Osborne’s goal of balancing the books by 2020, Hammond told lawmakers on Thursday that the current level of public debt is still too high at 1.6 trillion pounds ($2.1 trillion), or almost 83 percent of gross domestic product.