11:40Theresa May has welcomed Philip Hammond’s “prudent” approach to running Britain’s economy as he prepares to deliver his first autumn statement, reviving a favourite catchphrase of Gordon Brown’s. Hammond set out his plans for his first set-piece parliamentary event as chancellor to his fellow ministers at Wednesday morning’s cabinet meeting. The Treasury has already announced a series of modest giveaways, including a partial reversal of deep cuts to in-work benefits. Hammond’s colleagues, as is traditional, banged the table in approval of his plans, the spokeswoman said. Fiscal prudence, and tackling Britain’s long-term productivity shortfall, were key themes of the Treasury’s work during Brown’s stint as chancellor.

Source: The Guardian November 23, 2016 08:12 UTC