LONDON: Britain’s new finance minister Philip Hammond on Thursday ruled out an emergency budget in response to economic turbulence triggered by the country’s vote in favour of exiting the European Union.

Hammond told media that a budget would not be submitted before the British autumn, adding that London’s key financial sector must retain access to the EU single market following Brexit.

Ahead of last month’s EU referendum, Hammond’s predecessor George Osborne suggested that an emergency budget would be required in the event of a Brexit vote because of the risk of recession.

However, he quickly ruled out such an event despite the country voting on June 23 to quit the bloc — and has now quit the government following Hammond’s appointment.

New Prime Minister Theresa May on Wednesday appointed Hammond to replace Osborne as chancellor of the exchequer.

Osborne was the architect of the past six years of British austerity and a close friend of former prime minister David Cameron, while both had campaigned for Britain to remain in the EU.

Published in Dawn, July 15th, 2016