UK's Hammond may 'reset' policy in Autumn Statement

Britain's new Chancellor of the Exchequer Philip Hammond said he may use the Autumn Statement to "reset" Britain's economic policy, the BBC reported.

At the start of a trip to China to strengthen business links after the UK decision to leave the European Union, Hammond said he would review economic data over the coming months.

He added that the Treasury will act "if we deem it necessary to do so".

Before becoming Prime Minister, Theresa May had said that the government would no longer seek to reach a surplus by 2020 which was laid down by Hammond's predecessor George Osborne in the Budget earlier this year.

"Over the medium term we will have the opportunity with our Autumn Statement, our regular late year fiscal event, to reset fiscal policy if we deem it necessary to do so in the light of the data that will emerge over the coming months," Hammond said.

Hammond is attending his first meeting as chancellor with the G20 finance ministers which is taking place in Chengdu. He will also visit Beijing and Hong Kong.