Philip Antony Hammond, UK Finance Minister

Sharing is Caring

Philip Antony Hammond, UK Finance Minister

Philip Anthony Hammod was born on 4th Dec 1955 in Britain. He is a conservative party politician who is currently working as United Kingdom(UK) Finance Minister or Chancellor of Exchequer since July 2016. He is also a member of parliament for Weybridge and Runnymede since 1997.

Philip was born in Essex and studied economics, philosophy and politics at Oxford. Before getting into politics, he had served as a company director for Castlemead Limited, a company that offers healthcare services.

Between 1995 and 1997 he served government of Malawi as an adviser. In 2005, he became a Shadow Cabinet courtesy of David Cameron.

On May 2010, he was nominated to work as Secretary of State for Transport on formation of the Coalition Government.

In October 2011, Liam Fox was forced to resign from Liam Fox over a scandal. Hammond took over the leadership as Secretary of State for Defence. Later on July 2014 he was once again promoted to become Secretary of State for Foreign and Commonwealth Affairs.

Hammod was nominated as Finance Minister (read Chancellor of Exchequer) after Theresa May took over from Cameron as Prime Minister.

Hammod was a student at Shenfield in Brentwood, Essex. IN 1977 he was hired by a medical equipment manufacturer called Speywood Laboratories Ltd. He became a director in 1981 and left in 1983 to serve as a director for Castlemead Ltd. During his career, he had many business interests such as oil and gas, housing, property development, healthcare and manufacturing among others.

While serving as Secretary of State for Transport, he proposed on raising speed limit on motorways from 70 mph to 80 mph. This lead to an increase in road accidents by over 20%.

Hammod served as Secretary of State for Defence from 14 Oct 2011 after Liam Fox resigned. He is remembered for declaring that women should be allowed to serve in the Royal Navy Submarines.

Hammond led to job cuts in the military including senior positions to reduced redundancies. He reduced 1 out of every 4 jobs from the commodore, air commodore and brigadier and above jobs.

As Chancellor of Exchequer, Hammond supported the withdrawal of United Kingdom from the European Union in order to protect “jobs, economy and improve the living standards of the Britons.”

British Budget

In March 2017, Hammond read his first budget. He increased contributions towards National Insurance paid by self-employed people. This was contrary to promised made in the conservatives manifesto in 2015. The increase was reversed after a week of opposition to that plan.

On 29th June, 1991 Hammond got married to Susan Carolyn Williams-Walker. The couple have two daughters and one son. They live in Surrey but have a second home in London. He is estimated to be worth 9 million British pounds.

Follow us on Twitter @kerosiT

125 total views, 0 views today

(Visited 11 times, 1 visits today)
Sharing is Caring:




Geoffrey Kerosi is a prolific economics writer and an avid reader in economics, finance, business, politics and technology.

Please wait...

Subscribe to our newsletter

Want to be notified when our article is published? Enter your email address and name below to be the first to know.

Enjoy this blog? Please spread the word :)

Skip to toolbar