Chancellor Philip Hammond has said he will take "whatever steps are necessary" to protect the British economy from "turbulence" in the wake of the Brexit vote.

Speaking at the Conservatives' conference in Birmingham, he reiterated the UK Government would no longer seek to restore a budget surplus by 2020.

Moving the accounts into the black by the end of the Parliament had been a key policy of his predecessor George Osborne but Hammond told the conference: "When times change, we must change with them."

The chancellor also revealed a series of funding promises aimed at boosting the economy, including an extra £220m for the technology sector.

He told the conference on Monday: "The independent Bank of England successfully cut interest rates to restore confidence in the wake of the (referendum) vote.

"But as the economy responds over the coming months, fiscal policy may also have a role to play."

He added: "Throughout the negotiating process, we are ready to take whatever steps are necessary to protect this economy from turbulence.

"And when the process is over, we are ready to provide support to British businesses as they adjust to life outside the EU.

"Because Brexit does mean Brexit ... and we are going to make a success of it."

Hammond said he would take a "pragmatic" approach to reducing the deficit, which he said remained "unsustainable."

He said: "The fiscal policies that George Osborne set out were the right ones for that time.

"But when times change, we must change with them.

"So we will no longer target a surplus at the end of this Parliament. But make no mistake. The task of fiscal consolidation must continue."

The chancellor also hit out at the Labour party's approach to the economy following the party's conference in Liverpool last week.

He said: "Contrast this responsible, balanced approach with the shambles of Labour in Liverpool last week.

"In denial about their record in office. Deluded about the state of the public finances today.

"Not once did Jeremy Corbyn apologise for the mess that Labour left behind.

"On the contrary, his shadow Chancellor says their mistake was not to have spent more."

Labour's shadow chancellor John McDonnell said that, despite his "U-turn" on borrowing, Mr Hammond's promises fell short of matching the framework for long-term investment in the economy provided by Labour's Fiscal Credibility Rule.

He said: "The chancellor should apologise today for the failed Tory approach that has meant he has had to abandon the failed economic agenda of the last six years, an approach which has seen them dragging their heels on tax avoidance, an increase in child poverty, and house-building falling to its lowest peacetime rate since the 1920s."

"There is clearly still a need for increased investment in our economy to equip our country for the future after Brexit, as well to overcome the last six years of Tory under-investment, but if they pursue a 'hard Brexit' strategy, we know that the Tories will continue to make working families pay for their failure."

Scottish National Party Treasury spokesman Stewart Hosie described Mr Hammond's speech as "incredibly complacent."

He said: "Philip Hammond at least acknowledged there was great uncertainty because of his Government's disastrous Brexit vote, but the chancellor had no answers - no answers on tariffs, no answers on access to the single market, no answers on anything.

"The chancellor admitted his own Government's failure to turn around the UK's poor productivity levels but there was no mention of the Conservative Government's failure to stimulate it."