BREAKING NEWS

UK PM May and ministers reiterate commitment to fiscal discipline

By REUTERS

AUGUST 31, 2016 18:41

British Prime Minister Theresa May and her team of top ministers reiterated the government's commitment to fiscal discipline on Wednesday, her spokeswoman said.

Finance minister Philip Hammond has said he will move more slowly than his predecessor to turn the government's budget deficit into a surplus and that the extent of any fiscal stimulus will depend on how the economy copes with Brexit.

"(Hammond) provided cabinet colleagues with an update on the economic outlook. The cabinet reiterated the government's commitment to fiscal discipline and living within our means," the spokeswoman said.

"They also agreed on the vital need to increase productivity and the importance of doing more to foster economic growth and industrial development in regions up and down the country."

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