Hammond defends his controversial policy to delay curbs to 'crack cocaine' gambling machines

Hammond defends his controversial policy to delay curbs to 'crack cocaine' gambling machines

A no-deal Brexit would cause an economic 'shock' comparable to 'the collapse of a banking system', Philip Hammond warned yesterday.

The Chancellor said he was confident that he would be able to leave the country without a deal.

Mr Hammond said he would pay a supplement of £ 20billion a year for the NHS.

But he warned that other budget plans, such as slashing income tax for more than 30million, might have to be ditched.

Philip Hammond (pictured in front of the Treasury Select Committee today) warned that he would be out of the EU without a deal

Philip Hammond (pictured in front of the Treasury Select Committee today) warned that he would be out of the EU without a deal

Philip Hammond (pictured in front of the Treasury Select Committee today) warned that he would be out of the EU without a deal

On the flip side, he said a deal permitting 'friction-free access to markets' would give a boost to business confidence and increase economic growth in the future'.

Mr Hammond told the Commons Treasury committee: 'If there were an external shock to the economy, and a no-deal Brexit is one of those potential shocks, it's just one of those potential shocks.

"The collapse of a banking system in any major country, or the outbreak of a major trade between two major international trading powers could deliver a shock to the economy.

'We would like to take the opportunity to settle for a new equilibrium.'

Mr Hammond also warned that the UK would not be able to pay the most of a £ 39billion divorce bill even if it leaves without a deal.

As well as being regarded as reliable partners in future international deals, including trade deals'.

Theresa May wants to get ready for a deal. Brexit wants to have a good time.

Meanwhile, a report said the Brexit takes its toll on business. Research group IHS Markit the economy is on course to grow by only 0.2 per cent in the final three months of the year.

The services sector, which makes up about 80 per cent of UK output, suffered its worst performance since March, when the Beast from East Snowstorm hit business.

Markit said it's index of activity in the sector, where scores above 50 show growth, dipped from 53.9 in September to 52.2 in October.

Hammond is 'disappointed' by backlash over his £ 400m for 'little extra' for schools

Philip Hammond today said he was 'surprised and disappointed' by the furious backlash of his teacher.

And he risked sparking fresh fury by suggesting schools that are critical of the money could hand the cash back.

The Chancellor announced the money in his budget last Monday.

But he sparked fury among teachers who pointed out that he was spending less money on schools than potholes.

And they said that it was a bribe for 'little extra' while facing teacher and working in crumbling classrooms.

He told the Treasury Select Committee today: 'I want to maintain that, for most secondary schools, receiving a check for £ 50,000.

He added: 'For anybody who feels it's worth it, there are plenty of schools willing to receive the check on their behalf.'

It thus emerged that Britain would like to leave a 'temporary' post-Brexit customs union unilaterally under plan.

Whitehall said the Prime Minister tries to seal the deal with the "Irish backstop" plan comes to a close ,

Instead, Mrs. May is focused on trying to secure an 'exit clause'.

Privately, she has said he still hopes to settle for the end of the month for a special summit of EU leaders in November 17-18.

Earlier, Ireland also said it would veto any Brexit deal that allowed the UK to unilaterally withdraw from the backstop plan, which is no longer a re-emergence of a hard border on the island of Ireland.

Mr Hammond also said he and Prime Minister Theresa May had made that ending austerity did not simply mean the purse strings in the public sector.

'From our point of view, austerity is not just a measure of public sector spending, so it refers to broader issues,' he said.

'As austerity comes to an end, I would like to see our public services being more generously than they were over the period of fiscal consolidation.

'And I'd Want to See Real Wages Growing Sustainably' so ins Deutsche:

A larger proportion of the income they earned in their own pockets. All of this implies sustained economic growth over a period of time. '

Mr Hammond assured that there was a parliamentary review of the economic impact of the bill.

The chancellor defended his controversial decision to delay curbs to gambling machines which sparked the furious resignation of a popular minister.

Tory MP Nicky Morgan (pictured at today's Treasury select committee) lashed Mr. Hammond for his decision to delay the curb

Tory MP Nicky Morgan (pictured at today's Treasury select committee) lashed Mr. Hammond for his decision to delay the curb

Tory MP Nicky Morgan (pictured at today's Treasury select committee) lashed Mr. Hammond for his decision to delay the curb

He announced in his Budget plans to slash the stake which can be seen on fixed-odds betting terminals (FOBTs) from £ 100 to £ 2 will be brought in next October – some six months later than planned.

The move sparked the shock resignation of Sports Minister Tracey Crouch who said it could cost two lives a day among vulnerable addicts.

And it sparked a mutiny on the Tory backbenches with many MPs coming out in support of Ms. Crouch.

The Chancellor was given a tough grilling on his decision as he was hauled in front of MPs on the Treasury Select Committee today to explain his budget.

So he said he was 'surprised and disappointed' by the furious backlash of his teachers.

Mr Hammond stuck to his guns on FOBT's insisting on gambling addicts which warns 21,000 jobs could be lost.

He said that Ms Crouch had won against the machines – dubbed the 'crack cocaine' of the gambling world because they are so addictive.

Tracey Crouch told reporters in Kent constituency last week she had no regrets whatsoever about her decision to resign

Tracey Crouch told reporters in Kent constituency last week she had no regrets whatsoever about her decision to resign

Tracey Crouch told reporters in Kent constituency last week she had no regrets whatsoever about her decision to resign

He said that when the £ 2 stake kicks in next year FOBTs wants to be confined to the scrapyard as they will no longer be profitable.

Appearing in front of MPs this afternoon, Mr Hammond said: 'The decision has been made to reduce the stake to £ 2.

I have absolutely no love for these machines. I think the are terrible things.

'But the Government has to manage these processes in a sensitive and orderly way.

It is a very significant impact on the industry.

The industry's own assessment is that 15,000 and 21,000 jobs will be lost as a result of the elimination of fixed odds betting terminals.

'Now members of the committee are looking at it.

'That is people who want to go through the process of loosing their jobs.

Compulsory redundancy processes rather than redundant processes.

He said the Government has to make 'difficult'.

In a blistering resignation letter last night, Ms. Crouch blamed the six month delay in reducing stakes from £ 100 to just £ 2 on Treasury penny-pinching and suggested the Government would have been on his hands because it could have cost two lives a vulnerable addicts.

After hours of wrangling behind the scenes, Mrs. May accepted the resignation with 'disappointment'.

Ms Crouch was in tears in the commons lobbies as she told colleagues of her decision.

Tory MP Nicky Morgan, the Treasury select committee chairwoman, lashed Mr. Hammond for his decision.

She said: 'It is the case that the government has prioritized the preservation of jobs in the gambling industry over the addiction of those who suffer from these machines.'

Boris Johnson and Priti Patel congratulated Ms Crouch for 'standing up for her principles'.

And in an ominous move, Cabinet rivals Andrea Leadsom, Penny Mordaunt and Sajid Javid also backed Ms Crouch, a former chief of staff to David Davis.

Ms Leadsom, the commons leader, posted her resignation letter on social media and praised her as a 'superbly principled politician'.

In his appearance in front of the committee, Mr Hammond said he was 'surprised and disappointed'

He said: 'I want to maintain that, for most secondary schools, receiving a check for £ 50,000.

He added: 'For anybody who feels it's worth it, there are plenty of schools willing to receive the check on their behalf.'

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