Philip Hammond will lay out plans to keep Britain building through Brexit with extra investment funding as we leave the EU
Chancellor will use his annual Mansion House speech tonight to pledge to increase support for key infrastructure projects
PHILIP Hammond will lay out plans to keep Britain building through Brexit as he seeks to reassure businesses they will still be able to access investment funding as we leave the EU.
The Chancellor will use his annual Mansion House speech tonight to pledge to increase support for key infrastructure projects with extra Government money.
In an address to City leaders, Mr Hammond will say ministers are in discussion with the European Investment Bank (EIB) to ensure UK projects can access its funds during the remaining period of Britain's EU membership.
It is his first major intervention since the election as he held on to his job in the Treasury, despite rumours Theresa May would replace him.
And he is set to clash with the Prime Minister again in the coming weeks over Brexit, as leading Cabinet ministers try and force her to rejig her negotiating strategy.
The Sun reported today that the Chancellor joined forces with Home Secretary Amber Rudd to demand the weakened PM prioritise jobs over tough immigration controls.
With just five days to go before exit talks formally begin, the senior ministers – who backed Remain – also insisted Mrs May take account of last week’s disastrous general election result to shift to “a more pragmatic approach” to them.
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Mr Hammond is expected to repeat his demand in public this evening at the Mansion House speech, as he appears in front of the leading business leaders in the City.
He will say the UK's own financing schemes such as the British Business Bank stand ready to provide additional support and certainty to investors post-Brexit.
And if necessary, the Chancellor will say, he is ready to bring forward some of the £400million in additional investment which he announced in last year's Autumn Statement.
Meanwhile, the UK Guarantee Scheme will offer new types of financial support to help complex projects to reduce the risk they face and to access private finance.
Mr Hammond will say: "Investors need certainty in order to continue to support the UK economy and create jobs as we leave the EU.
"That is why we will fortify the vital financial support that helps businesses to grow - from cutting edge start-ups right through to large scale infrastructure projects."
