New UK cabinet best suited to deliver Brexit-lite

Britain's new Prime Minister Theresa May. AFP

Britain's new Prime Minister Theresa May. AFP

Hammond assured the presenter that there is no need for panic and an emergency budget.

"The Queen has been pleased to approve the appointment of Philip Hammond MP as Chancellor of the Exchequer", a statement from Downing Street said.

In an interview to the Sky News, he said the new government would "reshape" the approach to public finances, signaling a departure from his predecessor George Osborne's austerity policies.

New Treasury chief Hammond tried to sound a reassuring note Thursday, pledging that he would not introduce an emergency national budget - even though there are question marks hanging over the economy following the country's decision to leave the EU.

Theresa May will continue to appoint her government team after her first night as Prime Minister saw a flurry of appointments to the top jobs in the Cabinet.

"He has made some comments this morning about the importance of infrastructure spending etc, so I think there are some encouraging signs there that he wants to improve the supply side of the economy, improve its productivity performance".

Hammond has been doing the media rounds today, cementing his reputation as a "safe pair of hands", with the one over-riding aim of steadying the economy and reassuring the markets and the rest of the world while the country goes through this period of economic uncertainty.

The meeting comes as the BoE prepares to announce whether its main interest rate will be cut to a new record low to under 0.5 percent in a bid to cured the economic fallout with Britain. 'I follow in the footsteps of a great modern Prime Minister.

Mr Hammond said that investment, job creation and business confidence had all been hit since the referendum result.

Former London Mayor and avid Brexit campaigner Boris Johnson was appointed as foreign secretary.

"In the current climate, however, it is possible that the new Chancellor may choose to delay the changes, deciding that it is not the time to be introducing complex measures that risk discouraging people from residing in the United Kingdom", she said.

Critics had dubbed Osborne's plans a "punishment budget" and dozens of Tory MPs refused to support it. Hammond, who had campaigned with Osborne for Britain to remain in the European Union, toured the TV and radio studios on Thursday to insist the budget would not happen.

Another new department is that of global trade, indicating the importance of striking new trade agreements in the wake of Brexit, and the man in charge will be Liam Fox - who had also been among the contenders for the post of Conservative party leadership.

"If before 2020 there is a choice between further spending cuts, more borrowing and tax rises, the priority must be to avoid tax increases since they would disrupt consumption, employment and investment", May said last month.

Though an European Union critic, Mr Hammond had argued against a breakup as foreign minister in the David Cameron government before the June referendum.

Businesses "want to know on what terms they will be able to sell into the single market of the European Union once Britain is outside that Union", he told the BBC.

"As a best guess, we will likely see a compromise", said Kallum Pickering, an economist at Berenberg Bank.

Roger Ailes calls Gretchen Carlson's allegations 'false' and 'defamatory'
Rob Kardashian teases reality show