Chancellor Philip Hammond is likely to announce a “steady as she goes” budget plan next week without big tax or spending surprises, and he will avoid setting a firm target for turning the budget deficit into a surplus, a lawmaker said.
Stephen Hammond, who is a friend of the minister and a member of his Conservative party but is not related to him, told the BBC that Philip Hammond would not announce on Wednesday a big increase in spending to help the economy during the uncertainty caused by June’s vote to leave the European Union.
“Anyone who thinks Philip Hammond is going to be Keynes I think has probably misunderstood his economic philosophy,” Stephen Hammond said, referring to the economist John Maynard Keynes, who argued that aggressive public spending was the best way to fight economic downturns.
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