Britain's new finance minister, Philip Hammond, says he will do whatever is necessary to restore confidence in the economy after the Brexit vote and suggest a softer approach to bringing down the country's budget deficit. Sonia Legg reports.
Some see him as taking the helm of a sinking ship. But Britain's new finance Minister hopes he can steer the country back onto a steady course. (SOUNDBITE) (English) BRITISH FINANCE MINISTER, PHILIP HAMMOND, SAYING: "What I hope we're going to see, starting from today, with a new prime minister in place, a very clear statement from the prime minister about how she intends to go forward, I hope that's going to start lifting the fog for many investors, many businesses and we will eventually see confidence rebuilding." Philip Hammond is one of the UK's most experienced politicians, previously running transport, defence and the foreign office. He has a business background - but running Britain's economy as it starts to negotiate a Brexit may need compromises. (SOUNDBITE) (English) TOM STEVENSON, INVESTMENT DIRECTOR, FIDELITY INTERNATIONAL, SAYING: "The Prime Minster's views on austerity and where she wants to take the country and Philip Hammond's view is pretty much in line with his predecessor George Osborne in terms of being fiscally conservative and wanting to balance the books," May also wants to adopt an industrialisation policy, while tackling corporate excess. With the UK hurtling towards a recession safe-guarding London's financial sector is also key. (SOUNDBITE) (English) TOM STEVENSON, INVESTMENT DIRECTOR, FIDELITY INTERNATIONAL, SAYING: "His biggest priority must be to promote and to continue the passporting arrangements which mean that UK financial services companies can sell their services across Europe even in a post Brexit environment." Hammond says he has no plans for an emergency budget.... But it could be a pretty disappointing summer. There are already signs the housing market is nose-diving.