Are Brexit Economy Consequences Any Clearer?
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. The OBR sees expansion of 1.4 percent in 2017 and 1.7 percent in 2018. That’s down from an expected 2.1 percent this year, and broadly in line with Bank of England projections. Open Britain Co Executive Director James Mcgrory and Longview Economics Chief Market Strategist Chris Watling discuss with Francine Lacqua on "Bloomberg Surveillance." (Source: Bloomberg)