Britain ramps up borrowing forecasts, sees slower growth due to Brexit

• Eastern Eye Staff
• 23 November, 2016

By: Eastern Eye Staff

BRITAIN ramped up its borrowing forecasts today as the economy slows in the wake of the Brexit vote, chancellor Philip Hammond said in his first budget plan since the UK decided to leave the European Union. The weaker growth and tighter public finances outlined by Hammond leave Prime Minister Theresa May’s government little room to ramp up public spending or make big cuts to taxes to help the world’s fifth-largest economy through its EU divorce. Britain will need to borrow £122 billion more over the next five years than it expected before voters decided to leave the EU in June,…

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