The chancellor has invited Tory leadership candidates to “stop and think” about their passing promises. Both Boris Johnson and Jeremy Hunt have declared a large number of policies, during the contest, along with trimmed taxes and increasing expenses on public services.

But Philip Hammond said they required to be honest as the policies “ diversely exceeded ” the coffers of the Treasury.

He also said available money would be required to support the UK economy in the case of a no-deal Brexit. He said, “ I think they need to be very careful about setting out these ambitions and being clear about the consequences of them.”

The warning comes after Mr. Hunt said he would decide by the end of September whether there was a “ realistic chance” of introducing a new deal with the EU, while he will become PM. the foreign secretary said he would deliver an interim “ no-deal Brexit budget” in early September, but deserted discussions at the end of the month if there was no “ immediate prospect” of development, instead of moving to a no-deal footing.

His opponent Boris Johnson has taken a vow to leave “come what may by 31st October”. Speaking to reporters, Mr. Johnson said it was important to have a “hard deadline” for leaving, including that previous no-deal preparations, had “sagged back down” after exit dates were not met. The 160,000 members of the conservative party will start polling next week and successor of Theresa May is expected to be declared on 23rd July.

Mr. Hammond said the Treasury had “ built up fiscal headroom to protect against the cost of a no-deal Brexit”  and that money could be released “ if we have a smooth Brexit with a transition period in an orderly way”.

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