Chancellor to ‘put aside £60bn’ for post-Brexit resilience

The Chancellor will use recent economic growth to put aside up to £60bn to boost Britain’s "resilience" for future uncertainty as the UK withdraws from the EU, according to reports.

Warning that Brexit will lead to "unexpected challenges", Philip Hammond said that it would be "reckless" to spend the additional money now.

Writing in the Sunday Times, he said: "As we begin our negotiations with the European Union we are embarking on a new chapter in our history.

"We may face unexpected challenges in the months and years ahead as we forge our vision of Britain’s future in the world."

The Chancellor argues his approach will leave "flexibility… through the remainder of this Parliament to ensure our economic resilience".

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With stronger, unexpected economic growth set to hit 2% this year and falling borrowing costs the £27bn Mr Hammond had set aside for the end of this parliament could double to nearly £60bn, the newspaper reported.

The Treasury will also announce in the Budget on Wednesday that it is setting aside £500m a year to boost skills training for 16 to 19-year-olds.

Branded as "T-levels", the Government claims it is the most significant shake-up in post-16 education since the introduction of A-levels 70 years ago.

A wide-ranging reform of technical education will see the current 13,000 separate qualifications replaced with "15 world-class routes" better suited to business needs.

The investment, from 2019, is also aimed at boosting Britain’s productivity levels and will see the amount of training for 16 to 19-year-olds on technical routes increase by more than 50% to over 900 hours a year.

Students on higher technical education courses will also be eligible for maintenance loans under the reforms.

Lord Sainsbury, who chaired a Government probe into reform of technical education last year, said: "The news that the Government is to commit significant investment to the development of technical education should be welcomed by everyone who cares about increasing national prosperity and improving social mobility."

Meanwhile the TUC is pushing that promises Theresa May made to working people when she became Prime Minister must be delivered on in next week’s Budget.

The organisation wants the Government to make good on pledges to raise living standards, ensure the economy is fit for Brexit and protect public services.

TUC general secretary Frances O’Grady said: "The Prime Minister said she would put the power of government in the service of working people. Wednesday’s Budget is a key test of this promise.

"The Chancellor needs to announce a proper plan to raise wages and living standards.

"Teachers, nurses and other public sector workers haven’t seen a real pay rise in nearly a decade. It’s time to end the unfair pay restrictions on them."

In a separate move those who died at the D-Day landings are to be remembered by a special monument which the Government is contributing £20m towards.

The memorial to those killed in the Normandy campaign will be erected at the site of fierce fighting which took place during and after the Allied landings in France in 1944.

The monument will be unveiled on the 75th anniversary of D-Day, 6 June 2019.

It will carry the names of the estimated 21,000 members of the British armed forces and Merchant Navy, as well as those from other nations who fought alongside them, who lost their lives in the campaign.

(c) Sky News 2017: Chancellor to ‘put aside £60bn’ for post-Brexit resilience