Economics
Hammond Promises End to Austerity - With a Brexit Caveat
- Announces new digital tax on companies including Facebook
- Reiterates Treasury expects deal dividend with Brexit deal
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U.K. Chancellor of the Exchequer Philip Hammond promised early tax cuts and an end to austerity despite weak growth forecasts and uncertainty over Brexit.
“We have reached a defining moment on this, long, hard journey, opening a new chapter in our country’s economic history, where we can look confidently to the future,” Hammond told lawmakers in his budget statement Wednesday. “Austerity is coming to an end, but discipline will remain.”