Hammond warns Johnson and Hunt over spending promises
Chancellor says no-deal Brexit would drain 26bn that rivals claim could be a 'war chest'
Philip Hammond has delivered a stinging public rebuke to both Conservative leadership candidates, warning them to "stop and think" before engaging in a "bidding war" of tax cuts and spending pledges.
The chancellor is among those senior Tory figures who fear that the contest - which has seen both Boris Johnson and Jeremy Hunt promise tax reductions and spending increases, while openly contemplating a no-deal Brexit - risks undermining his party's reputation for economic competence.
The "fiscal firepower" we have built up in case of a No-Deal Brexit will only be available for extra spending if we leave with an orderly transition. If not, it will all be needed to plug the hole a No Deal Brexit will make in the public finances.
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