Economics
Austerity Rules Brexit Britain as Hammond Refuses to Splurge
- Slower growth, higher borrowing forecast in coming years
- Hammond softens austerity, but maintains ‘fiscal discipline’
Are Brexit Economy Consequences Any Clearer?
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U.K. Chancellor of the Exchequer Philip Hammond’s promised “reset” turns out to mean continued austerity, just a little bit lighter than before.
In his first major fiscal event since the country voted in June to leave the European Union, Hammond said economic growth will be slower and borrowing higher in the coming years as Brexit takes its toll.