British Chancellor to 'put aside £60bn' for post-Brexit resilience

It will be used boost Britain's "resilience" for future uncertainty as the UK withdraws from the EU

British Chancellor to 'put aside £60bn' for post-Brexit resilience

British Chancellor Philip Hammond during a visit to Edinburgh | Image: Jane Barlow PA Wire/PA Images

The British Chancellor will use recent economic growth to put aside up to £60bn to boost Britain's "resilience" for future uncertainty as the UK withdraws from the EU, according to reports.

Warning that Brexit will lead to "unexpected challenges", Philip Hammond said that it would be "reckless" to spend the additional money now.

Writing in the Sunday Times, he said: "As we begin our negotiations with the European Union we are embarking on a new chapter in our history... We may face unexpected challenges in the months and years ahead as we forge our vision of Britain's future in the world."

The Chancellor argues his approach will leave "flexibility... through the remainder of this Parliament to ensure our economic resilience".

Strong economic growth 

With stronger, unexpected economic growth set to hit 2% this year and falling borrowing costs the £27bn Mr Hammond had set aside for the end of this parliament could double to nearly £60bn, the newspaper reported.

 

Meanwhile the TUC is pushing that promises Theresa May made to working people when she became Prime Minister must be delivered on in next week's Budget.

The organisation wants the Government to make good on pledges to raise living standards, ensure the economy is fit for Brexit and protect public services.

TUC general secretary Frances O'Grady said: "The Prime Minister said she would put the power of government in the service of working people. Wednesday's Budget is a key test of this promise.

"The Chancellor needs to announce a proper plan to raise wages and living standards.

"Teachers, nurses and other public sector workers haven't seen a real pay rise in nearly a decade. It's time to end the unfair pay restrictions on them."

D-Day memorial

In a separate move those who died at the D-Day landings are to be remembered by a special monument which the Government is contributing £20m towards.

The memorial to those killed in the Normandy campaign will be erected at the site of fierce fighting which took place during and after the Allied landings in France in 1944.

The monument will be unveiled on the 75th anniversary of D-Day, 6 June 2019.

It will carry the names of the estimated 21,000 members of the British armed forces and Merchant Navy, as well as those from other nations who fought alongside them, who lost their lives in the campaign.