Chancellor Philip Hammond will today reveal Britain's new £1.9bn cyber security plans

Mark Sands
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Hammond was Theresa May's first appointment after her rise to power over the summer (Source: Getty)

Chancellor Philip Hammond will today formally launch the UK's new cyber security strategy.

Hammond will reveal the £1.9bn plans at a Microsoft conference in the Excel Centre in London's Docklands.

He will promises that plans for defence, deterrence and fresh development would also represent a core part of the government's industrial strategy.

Read More: More proof British business is terrible when it comes to cyber security

Speaking ahead of the event, Hammond warned that although Britain is currently a world-leader, it must keep up with the scale a pace of cyber threats.

“Our new strategy, underpinned by £1.9 billion of support over five years and excellent partnerships with industry and academia, will allow us to take even greater steps to defend ourselves in cyberspace and to strike back when we are attacked,” he said.

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