LONDON: British finance minister Philip Hammond will on Thursday warn those hoping to replace Prime Minister Theresa May against basing their leadership pitches on tax cuts and deregulation, a source at the finance ministry said.
Hammond, May's chancellor throughout her almost three-year premiership, will use a speech at the launch of a report on low pay to warn against adopting a"populist" approach to appeal to a Conservative Party membership typically in favour of low tax and regulation, the source said. "That doesn't mean we should abandon our economic model. Of course, we can't ignore people's concerns either - otherwise the reckless solutions of the populists will flood in to fill the vacuum.
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