Britain needs a Brexit do-over, Labour leadership contender Owen Smith says

Britain should vote again on whether to remain in the European Union once a Brexit deal is agreed, Owen Smith, one of three candidates vying to lead Britain's Opposition Labour Party, told the Guardian newspaper on Thursday.

Smith, who announced his candidacy to succeed Jeremy Corbyn at helm of the centre-left party on Wednesday, said many Britons who backed leaving the EU believe they were misled and should be given a second chance to vote.

• U.K. PM Theresa May at forefront of 'great national change'
• Familiar and surprising faces in Theresa May's new cabinet

"That does mean a second referendum or a general election when the terms are clear. The Labour government should be committing to that," he said.

Britain's new finance minister, Philip Hammond, meanwhile, said the country did not need an emergency budget and he would instead monitor the economic situation over the summer before setting out spending targets as normal in the autumn.

Hammond was moved from the foreign office to run the finance ministry late on Wednesday by Prime Minister Theresa May.

"There's a lot of work now to do," he told Sky News. "The prime minister made clear we will do an autumn statement in the usual way in the autumn and we'll look carefully over the summer at the situation.

"I'm seeing the governor of the Bank of England this morning and we'll take stock of where we are."