Philip Hammond MP Chancellor PPS to Be Confirmed

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Philip Hammond MP Chancellor PPS to be confirmed Dods People profile Parliamentary and ministerial career An experienced politician, since 1998, Hammond made his way upwards through the opposition ranks and joined the Cabinet in 2010 firstly as Transport Secretary, then Defence Secretary and finally Foreign Secretary in 2014 until his new appointment. Between 2007 and 2010, he held the position of Shadow Chief Secretary to the Treasury 2007-10 where he helped to develop the party’s austere approach to public spending. Background (full ministerial remit to be confirmed) It is well known that he has coveted the role of Chancellor and had hoped to be given a job at the Treasury in 2010, but the coalition meant this opportunity was missed. As the BBC reports, he is often seen as a "fiscal hawk", which means he believes in prudent public finances. However, the Prime Minister has already indicated that “we should no longer seek to reach a budget surplus by the end of the Parliament”. Before becoming an MP, he worked in the medical equipment manufacturing industry and as a director of a housebuilding company before entering politics. He also worked as a consultant for the World Bank in Latin America. Studied philosophy, politics and economics at Oxford University An articulate, reserved Commons performer, Hammond has been described as a “control freak” with an accountant’s attention to detail. He has confirmed in an early interview that there will not be an emergency Budget however has refused to be drawn on any fiscal plans. He can be expected to confirm the date for his first Autumn Statement in late September. Hammond has spoken warmly in regard to the Governor of the Bank of England, Mark Carney, stating he was doing an “excellent job”. Indicated he would take the summer to review with Carney how to tackle the “chilling effect” of the Brexit vote. Speaking about EU negotiations, he said ratifying a new deal with the EU would have to be agreed by 27 national parliaments so would take some time. He had previously suggested it would take more than six years but this week refused to repeat this estimate of the timing. In a speech to the British Bankers’ Association on July 12 he said he would strive to defend the financial sector’s key access to the European single market and the “passports” that allow firms to operate across the EU. Contact details Rt Hon Philip Hammond MP HM Treasury 1 Horse Guards Road London SW1A 2HQ Tel: 020 7270 4558 .

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