UK Finance Minister Philip Hammond may resign, over no-deal Brexit

Date:

Trending

- Advertisement -

Finance Minister Philip Hammond said on Sunday he would resign if Boris Johnson became Britain’s new prime minister because he could not support a leader happy to take the country out of the European Union without a deal.

Hammond’s decision underlines the strength of feeling in parliament against a no-deal Brexit, which some lawmakers and many businesses say would be catastrophic for the economy.

- Advertisement -

A loyal Conservative who has served in a number of ministerial roles, Hammond is an unlikely rebel. He said his fears over a no deal had forced him to vote against the government for the first time in his 22-year political career last week.

- Advertisement -

Britain’s new prime minister is tipped to be former London mayor Johnson, who has promised to leave the EU “do or die” by an Oct. 31 deadline.

That leaves him facing a tricky Brexit challenge from the moment he takes office on Wednesday.

- Advertisement -

Johnson has said he would ramp up preparations for a no-deal if he becomes prime minister to try to force the EU’s negotiators to make changes to the deal that Prime Minister Theresa May sealed with Brussels and UK lawmakers voted down.

But parliamentary opposition to a no deal is growing and the EU is refusing to budge over that Withdrawal Agreement.

“I am sure I am not going to be sacked because I am going to resign before we get to that point,” Hammond told the BBC’s Andrew Marr Show, adding he would resign to May before she tenders her own resignation to the Queen on Wednesday.

“Assuming that Boris Johnson becomes prime minister, I understand that his conditions for serving in his government would include accepting a no-deal (EU) exit on the 31st of October. That is not something I could ever sign up to.”

Hammond, who according to sources close to Johnson often infuriated the former mayor who felt the finance minister was “talking Britain down”, said he did not believe his former colleague could win a deal with the EU by the deadline.

He instead advised the new prime minister to ask the EU for a little longer if there were signs that the two sides could agree on a compromise position – something Johnson’s rival for the premiership, Jeremy Hunt, has said he is open to.

If not, Hammond said he would work with other lawmakers to make sure Britain was not taken out of the EU without a deal against parliament’s wishes – a pledge welcomed by the Brexit policy head of the opposition Labour Party, Keir Starmer.

“Yes, (I will campaign) to stop no deal happening on Oct. 31 without the consent of parliament,” Hammond said.

“I want to be a loyal supporter of the next Conservative government and if (it).. can deliver a negotiated Brexit deal that protects our economy then I will strongly support that government. And I hope I will be able to.”

THE SNAPSHOTS

Sign up to get quick snaps of everyday happening, directly in your inbox.

We don’t spam! Read our privacy policy for more info.

- Advertisement -
Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.

More Latest Stories

More Articles

Mozark Snaps $40 Mn In Series B Round Led by IFC and RMB Capitalworks

Mozark, a Singapore-based company specializing in digital experience testing and measurement, has raised $40 million in a Series B round led by International Finance...

Role of Agentic AI in transforming the real estate landscape

The real estate industry involves a high-stakes ecosystem driven by shifting supply-demand dynamics, regulatory changes, and several other economic factors. Every stage from evaluating land to designing projects, projecting cash flows, managing construction, marketing properties, and supporting post-sales operations involves interdependent decisions that can...

How to Extend Vehicle Lifespan With Proper Maintenance

Extending the lifespan of your vehicle is not only cost-effective but also beneficial for...

Geospatial Intelligence Is Powering India’s Next Wave of Smart Infrastructure

Every day, nearly 500 families in India receive news that will change their lives...

From Browsing to Buying: How Multi-Modal AI Is Turning Discovery Into Decision-Making

The digital journey, starting from discovery to decision, has been notably discontinuous through time....

Nebius Gets Approval for 1.2 GW AI Factory Campus in Missouri

Nasdaq-listed AI company, Nebius (NBIS), said the Independence City Council has approved a Chapter...

Why India’s Next Cloud Boom Is Coming from Tier-2 Cities

Historically, the story of India's cloud adoption has been focused on the metro cities...

Is India Ready for a Smart Treasury? A Look at Adoption Barriers and Opportunities

Across India, businesses hold thousands of crores in current accounts that earn no interest....

Understanding Common Car Problems and How to Prevent Them

Keeping your vehicle in top condition requires more than just regular washing or occasional oil changes. Cars are complex machines with multiple systems that...

Fraud or Finance? How to Identify Trustworthy Digital Lending Platforms

Digital lending has changed how credit flows in India. According to the IBEF, fintech-led...

What Modern Enterprises Can Expect from CPaaS Platforms in 2026

Over the past two decades, enterprise communication technology has advanced rapidly. Yet the gap...

India’s Creator Economy Seeks Tax Clarity and Social Security Support in Budget 2026

As policymakers finalise Budget 2026, the creator economy stands at a crossroads between rapid...

How To Use Tech To Aid Your Financial Management

Financial management and tech actually go hand in hand really well, and it’s important...

O-1 Visa & Moving Beyond H-1B: Frederick Ng of Beyond Border on Fixing US Visa Bottlenecks for Startup Founders

Speaking with TechGraph, Frederick Ng, Co-founder of Beyond Border, discussed how many venture-backed founders often find themselves constrained by restrictive and poorly understood U.S....

Creator Commerce Platform Wishlink Secures $17.5 Mn in Series B round

India-based creator commerce platform Wishlink has raised $17.5 million in a Series B funding round led by Vertex Ventures Southeast Asia & India, with participation from existing investors Fundamentum and Elevation Capital. Wishlink plans use the fresh capital to expand its creator and brand network,...

Brazil and South Korea Sign Stragetic Deals Across Trade, Health & Tech

In a move aimed at strengthening economic and strategic ties, Brazilian President Luiz Inácio...

Amazon India Opens 1.1 Million Sq Ft Campus in Bengaluru

Amazon announced the opening of its second-largest office in Asia with the launch of...

How Drone and LiDAR Surveys are Redefining Railway and Highway Project Execution

India’s railway and highway networks rank among the largest and most transformative infrastructure systems...

How Union Budget 2026–27 Supports Small Logistics Players through TReDS and the SME Growth Fund

Union Budget 2026–27 marks a decisive shift in how India supports its small logistics...

Union Budget Focus on MSMEs: Why Efficient Warehousing Is the Missing Link

The Union Budget 2026–27 places Micro, Small, and Medium Enterprises (MSMEs) firmly at the...

Union Budget 2026: Solar & Clean Energy Industry Draws Mixed Reactions on Manufacturing, KUSUM Funding & Import Duty Exemptions

The solar and clean energy sector has welcomed Union Budget 2026–27 for its focus...

Union Budget 2026 Reactions: Tech Sector Welcomes AI Focus, Sees Cloud Tax Incentives as Boost To India’s Digital Growth

India’s Union Budget for 2026, presented on Feb 1 by Nirmala Sitharaman, further integrated...

Budget 2026: FM Nirmala Sitharaman Cuts Customs Duty on Personal Imports, Cancer Drugs Among 17 Medicines Exempted

India Union Budget 2026: The Indian government has reduced the customs duty rate on...

Why India’s Housing Affordability Crisis Needs Policy Attention in Budget 2026

In the past few years, real estate prices have risen steadily, especially in tier-one...

India’s Creator Economy Seeks Tax Clarity and Social Security Support in Budget 2026

As policymakers finalise Budget 2026, the creator economy stands at a crossroads between rapid...

B2B Logistics platform Mojro Draws $3Mn for IAN Alpha Fund & Others

Bengaluru-based B2B logistics platform Mojro has raised $3 million in a Series A funding...

Peak XV Partners Closes $1.3 Bn in Fresh Capital to Back Startups Across India and APAC

Peak XV Partners (formerly Sequoia Capital India & SEA) has closed $1.3 billion in...

LTM partners with the Indian Institute of Creative Technologies to strengthen creative technology skilling

LTM, a Larsen & Toubro Group company, and the Indian Institute of Creative Technologies...

Business Structure for Modern Entrepreneurs: What No One Explains Clearly

Modern entrepreneurs often obsess over product-market fit while neglecting the structural bones of their...

How To Use Tech To Aid Your Financial Management

Financial management and tech actually go hand in hand really well, and it’s important...

Budget 2026: FM Nirmala Sitharaman Cuts Customs Duty on Personal Imports, Cancer Drugs Among 17 Medicines Exempted

India Union Budget 2026: The Indian government has reduced the customs duty rate on...

Union Budget 2026: Nirmala Sitharaman Raises Capex to ₹12.2 Lakh Crore, Fiscal Deficit Projected at 4.3% for FY27

Union Budget 2026: Finance Minister Nirmala Sitharaman said the government has allocated ₹12.2 lakh...

Why India’s Housing Affordability Crisis Needs Policy Attention in Budget 2026

In the past few years, real estate prices have risen steadily, especially in tier-one...