October 28, 2018 / 11:08 AM / 20 days ago

Hammond says has money buffer in case of Brexit shock

Britain's Chancellor of the Exchequer Philip Hammond arrives at the ICC for the third day of the Conservative Party Conference in Birmingham, Britain, October 2, 2018. REUTERS/Toby Melville

LONDON (Reuters) - British Chancellor Philip Hammond said on Sunday he remained prepared to use money he has kept aside to help the economy cope with the shock of leaving the European Union without a Brexit deal.

“I will... maintain fiscal buffers, a reserve of borrowing power against my fiscal rules, so if the economy, as a result of a no-deal Brexit or indeed because of something else that we haven’t anticipated, needs support over the coming months and years I have the capacity to provide that support,” Hammond told the BBC before his annual budget statement on Monday.

“The important point is that I have got fiscal reserves that would enable me to intervene.”

Writing by William Schomberg; Editing by Paul Sandle

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