UK's FinMin Hammond: Brexit represents a shock to the UK economy

New UK finance minister Hammond out on the wires, commenting on the Brexit impact on the UK economy.

Key Quotes:

Will work closely with BOE to maintain confidence in UK economy

UK must address large budget deficit

Any further measures will be unveiled in Autumn statement

Raising productivity is a key long-term challenge for UK

Initial response to Brexit shock must be a monetary one

Have obtained hard guarantees from Softbank on ARM Holdings takeover