New British Chancellor faces lower growth, higher debt

First budget statement gives an indication of Brexit effects on the economy

23rd November, 2016
Chancellor of the Exchequer, Philip Hammond, leaves 11 Downing Street to deliver his Autumn Statement. Pic: Getty

British Chancellor Philip Hammond today delivered his first budget statement since the country voted to leave the EU in June.

What we learned from the statement:

1) The OBR’s new forecasts show that growth in the British economy in the coming years will be 2.4 percentage points lower than previously expected, with Hammond attributing this mainly to Brexit uncertainty.

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