UK has not decided when to trigger Article 50 – finance minister Hammond

In a statement on Twitter, Mr Osborne said: “It’s been a privilege to be Chancellor these last six years”.

Philip Hammond has confirmed George Osborne’s proposed emergency Brexit Budget will not happen. However, he quickly ruled out such an event despite the country voting to quit the bloc.

Mrs Theresa May’s choices for Cabinet will require a balancing act that tries to maintain unity in a Conservative Party split between those who wanted to leave the European Union (EU) and those who backed outgoing Prime Minister David Cameron’s Remain campaign.

As Chancellor George Osborne made reducing the UK’s budget deficit his top priority. There will be an Autumn Statement in the normal way and then there will be a Budget in the normal way, he said.

“Markets do need signals of reassurance, they need to know that we will do whatever is necessary to keep the economy on track”, Hammond told ITV.

Hammond was due later on Thursday to meet with Bank of England (BoE) Governor Mark Carney to further assess the UK’s economic situation.

Meanwhile, the markets are keenly watching the Thursday meeting of Bank of England where a decision on the first cut in United Kingdom interest rates in seven years is expected, the BBC reported.

According to Telegraph, Hammond’s challenges include averting an economic slowdown and convincing companies against cutting back on investment. While a weak pound helps exporters, it makes imports more expensive, which in turn can push up inflation. He was previously Foreign Secretary.

Philip Hammond, the U.K.’s newly appointed chancellor of the exchequer, said the vote to leave the European Union had “rattled confidence” and that he will take “whatever measures” needed to shore up the British economy.

He told LBC radio: “I would like to see us negotiating access to the single market for Britain’s businesses so we can go on selling our goods and services into the European Union market and indeed enjoying the benefits of consuming European Union goods and services here as we do now”.

He said: “I haven’t looked in the desk yet, but of course the irony is that famous note written by Liam Byrne was intended for me who he had assumed would be the Chief Secretary to the Treasury”. She appeared to support the new Prime Minister over her own junior minister Andrea Leadsom in the race for the Tory leadership.

“I think the new Prime Minister has a hard job to build a team which reunites the party and reunites the country, and sends a signal about how we are going to take forward the decision that the British people made on the 23 of June and how we’re going to do it in a way that protects Britain’s prosperity and Britain’s standing in the world”, he said.