LONDON, Oct. 29 -- British Chancellor of the Exchequer Philip Hammond delivered his third budget and the final one before the planned date of Brexit with a promise to carry out the policies revealed regardless of whether there is a Brexit agreement.

British Prime Minister Theresa May moved quickly on Monday morning to counter the policy view expressed by Hammond in a television interview on Sunday that a no-deal Brexit might mean a change in economic policy.

Hammond had implied that the growth measures which had already been built into his budget might have to be revisited, should there be a Brexit from the European Union (EU) with no agreement over trade and tariffs.

On Monday afternoon, Hammond backed his prime minister, and revealed to Members of Parliament in the House of Commons that the policy of austerity in government spending which began in 2010 as a response to the debts incurred tackling the financial crisis is now nearly over.

Hammond said: "The era of austerity is coming to an end."

He said that government borrowing to make-up the shortfall between its policy costs and its income will fall to 1.4 percent of spending in the next fiscal year 2019/20 and to 0.8 percent in 2023/24.

Hammond added that for Brexit he had already allocated 2.2 billion pounds (2.82 billion U.S. dollars) to government departments for Brexit preparations, and he added a further 500 million pounds to that amount.

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