Philip Hammond is creating a €70bn (£60bn) emergency fund to deal with the anticipated hurdles of Brexit.

In a letter to The Sunday Times, the British Chancellor of the Exchequer said that budgetary policy would remain restraint to maintain a downward trajectory in public borrowing and to allow for fiscal breathing space ahead of Brexit negotiations. In view of ongoing Brexit negotiations, Hammond noted there was a need to keep "reserves in the tank."

Ahead of the Wednesday’s announcement ...

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