Philip Hammond has said there is no plan for an emergency budget, and and vowed to "do whatever is necessary to keep the economy on track".

The new chancellor told ITV's Good Morning Britain: "There will be an Autumn statement in the normal way and then there will be a budget in the normal way."

Mr Hammond's predecessor in the role, George Osborne, had said ahead of the referendum that an emergency budget would be necessary in the event of a Leave vote.

Asked whether his replacement of Mr Osborne was punishment for scaremongering ahead of the vote, Mr Hammond said the new cabinet roles were "not about punishing people or rewarding people".

Speaking about Boris Johnson, who takes over from him as foreign secretary, Mr Hammond noted that they both had different styles, saying "we are very different people", but said he believed Mr Johnson would be "good in this job".