Economics
U.K. to Borrow Extra $125 Billion as Growth Slows, PwC Says
- Brexit to cast ‘long, slow drag’ on U.K. economic prospects
- Investment, infrastructure in focus before fiscal statement
Philip Hammond.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Britain may borrow 100 billion pounds ($125 billion) more than previously forecast over the next five years as Brexit hits the economy, according to PricewaterhouseCoopers.
The budget deficit is on course to reach 67 billion pounds in the current fiscal year, almost 12 billion pounds more than officials estimated in March, it said in a report published Tuesday. Britain will still have a shortfall of 18 billion pounds in 2019-20, the year it was meant to have a 10 billion-pound surplus.