The next prime minister is expected to appoint a new chancellor to replace Philip Hammond

Philip Hammond has warned the Tory leadership contenders that a no-deal Brexit could cost the economy £90 billion.

The chancellor stepped up his attacks on the spending pledges of Boris Johnson and Jeremy Hunt and said that leaving the EU without an agreement would leave no money for their planned splurges.

He also gave the strongest hint yet that he could vote against the government to prevent a no-deal Brexit.

“I believe that it will be for the House of Commons, of which I will continue proudly to be a member, to ensure that that doesn’t happen,” he told MPs today.

Mr Hammond, who is expected to lose his job when the new prime minister takes over, said that the series of spending pledges by