Chancellor Philip Hammond says he could "reset" policy in upcoming Autumn Statement

James Nickerson
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Hammond is bolstering ties with China (Source: Getty)

Chancellor of the Exchequer Philip Hammond is in a bullish mood.

He's said that he could "reset" Britain's economic policy in the upcoming Autumn Statement.

At the start of his trip to China, where he's bolstering economic ties to the world's second largest economy, he's said the Treasury will act "if we deem it necessary to do so".

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Hammond said on Friday: "Over the medium term we will have the opportunity with our Autumn Statement, our regular late year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months."

The announcement comes after economic data was released showing public borrowing was less than expected in June.

And, as if the new cabinet is distancing itself from the old, Prime Minister Theresa May announced earlier this week that the government would no longer seek a budget surplus by the end of this parliament.

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Hammond is visiting Beijing and Hong Kong to promote British business ahead of the G20 finance ministers' meeting in Chengdu.

“My focus in China will be on promoting British business opportunities, including in the financial services sector, where Britain is a world leader. Britain is open for business and one of the most attractive destinations in the world for international investment,” Hammond said yesterday.

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