蜜芽传媒

The deficit reduction plan in 2010 was the right thing at the time, but the UK is now entering a 鈥渘ew phase鈥�, which will be judged by 鈥渁 different set of parameters鈥�, new Chancellor Philip Hammond tells the Today programme.

Speaking to Mishal Husain, Mr Hammond says the deficit will still need to be cut but the question of how and when would need to be reassessed.

(Image: Philip Hammond. Credit: AFP/Getty Images)