UK Treasury chief warns of turbulence amid Brexit talks

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UK Treasury chief warns of turbulence amid Brexit talks

Dr Adam Marshall, acting director general of the British Chambers of Commerce, added: "As the United Kingdom negotiates its exit from the European Union, Philip Hammond is right to reaffirm the need to boost infrastructure.However, there were no substantive details on these, and United Kingdom businesses will eagerly await further details in the Autumn Statement".

The Government has already had six years to build more housing, yet home ownership is at it lowest level for 30 years.

Warning over the "turbulence" faced by the United Kingdom in the wake of the Brexit vote, Mr Hammond outlined a series of measures aimed at bolstering the economy. The Prime Minister's platitudes repeated with Hammond unwilling - or unable - to offer any reassurance about what sort of economic arrangement her government might seek.

"I think we must go into this negotiating period with a realistic expectation of the turbulence that there could be during the negotiations".

He told delegates: "The Treasury will offer a guarantee to bidders whose projects meet United Kingdom priorities and value for money criteria that if they secure multi-year European Union funding before we exit".

Britain must start the formal negotiation process by invoking Article 50 of the EU's Lisbon Treaty, giving the sides two years to clinch a deal.

Hammond told the BBC prior to his speech: "As we go into a period where inevitably there will be more uncertainty in the economy, we need the space to be able to support the economy through that period".

The SNP said Mr Hammond had no answers to Brexit and said his speech was "complacent". Sterling was also down more than 1% against the United States dollar to as low as $1.2818, just a fifth of a cent off its 31-year low in early July.

Hammond also argued in a separate interview that controlling immigration would not necessarily disqualify Britain from single market access post-Brexit.

"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".

What businesses want to know is whether they will face new tariffs or regulatory barriers to trade with Europe.

Experts said the United Kingdom currency had lost value on expectations a hard Brexit would damage the UK's trading position and depress overseas investment in the UK.

"The British government has shown that it is clueless about what to do", said Gunther Krichbaum, leader of the European committee in the Bundestag lower house.

Hammond, who campaigned for Britain to remain in the European Union before the referendum, said the government would ensure the best possible access to European Union markets. "No ifs, no buts, no second referendums".

He said: "No ifs, no buts, no second referendums. But it is equally clear to me that the British people did not vote on 23 June to become poorer or less secure".

Hammond also made it clear Britain would not have a surplus by the end of the current parliament in 2020, a change to Osborne's target that the country would balance the books by then.

TORY Chancellor Philip Hammond ditched predecessor George Osborne's promise to attain a budget surplus by 2019-20 and claimed to be ready to invest in infrastructure and skills to raise productivity.

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