Rolling coverage of Theresa May’s first full day as prime minister, her new cabinet and government appointments, and reaction to Boris Johnson’s appointment as foreign secretary
8.18am BST
Q: Do you still believe in eliminating the deficit?
Hammond says the approach taken in 2010 was the right one. Britain is in an “immeasurably stronger” position than it was then. But now we are in a new phase. The economy will change as a result of the Brexit vote.
8.15am BST
Philip Hammond, the new chancellor, is on the Today programme. Mishal Husain is interviewing him.
Hammond says he does not anticipate an emergency budget.
8.09am BST
I’m Andrew Sparrow, and I’m blogging now for the day.
Philip Hammond, the new chancellor, is about to be interviewed on the Today programme. I will be covering that in full.
There is no plan for an emergency budget, as Theresa May made clear. There will be an autumn statement in the normal way and then there will be a budget in the normal way. But the markets do need signals of reassurance, they need to know we will do whatever is necessary to keep the economy on track.
We have all got different styles and that is why we make a strong team. We are very different people and when you are building a team for anything you want different kinds of people with different kinds of skills. And I think Boris will be very good in this job – Boris is a very big figure in the Conservative Party, he is a big figure in the country, he is a national figure. He will be an asset to both the party and the country working as part of a team closely together with the rest of us to make sure we deliver for Britain in the circumstances we find ourselves in.
8.08am BST
Good morning and welcome to our daily politics live blog.
Clearly now we have a massive opportunity in this country to make a great success of our relationship with Europe and with the world and I’m very excited to be asked to play a part in that.”
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Sig Nordal 