Frictionless Brexit trade deal would bolster budget – Hammond

Chancellor says smooth exit would free up much of 15.4bn reserved in case of 'no deal'

A smooth Brexit that offers frictionless trade with the European Union will give the Treasury a double bonus in the budget, the chancellor has said, allowing him to boost public spending and consider cutting taxes.

Philip Hammond said a deal with Brussels offering open trade with the EU would free up much of the 15.4bn he had saved this year to act as a buffer against a no-deal Brexit.

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