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Danny McCance 24 Jul 2019 04:15pm

Hammond resigns as chancellor

Chancellor of the exchequer Philip Hammond has tendered his resignation to outgoing prime minister Theresa May

In his letter to May today, he wrote that he was submitting his resignation in advance of her own resignation as prime minister later this afternoon.

“I believe that your successor must be free to choose a chancellor who is fully aligned with his policy position,” Hammond wrote.

Earlier this week, Hammond told Andrew Marr that he would be officially resigning from the role of chancellor if Boris Johnson were to become the next prime minister due to a difference of opinion in Brexit policy.

Hammond thanked May in his letter for the opportunity to serve as chancellor since 2016 and that it had been a privilege to do so.

He said that “despite the uncertainty created by the unresolved issue of Brexit” during his tenure, the government had made “notable progress in rebuilding the public finances and preparing the British economy for the opportunities ahead”.

He also left a pointed message to no-deal advocates. “Most importantly, we bequeath our successors with genuine choices, once a Brexit deal is done.”

He wrote of the options they had on public spending, taxes and investments.

“After a decade when the aftermath of the 2008-09 recession meant we had no choices, this is a luxury which our successors should use widely,” Hammond said.

Earlier this month, Hammond put the brakes on a spending review which had been scheduled for the autumn, saying that “it will be for the new government to decide whether the circumstances make it appropriate to conduct a full three-year spending review, or a single-year exercise”.

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