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UK’s finance minister Hammond resigns from govt

UK’s finance minister Hammond resigns from govt

Britain's Chancellor of the Exchequer Philip Hammond resigned from government on Wednesday, following through on a promise to leave rather than serve under incoming PM Boris Johnson, Reuters reports.

Hammond strongly opposes leaving the European Union without a deal.

The finance minister says he had left the economy in a state that would allow his successor to choose between tax cuts, higher spending or faster debt reduction if they left the EU smoothly.

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