New British Chancellor faces lower growth, higher debt

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

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.

The statement included updated forecasts from Britain’s fiscal watchdog, the Office for Budget Responsibility (OBR), which give the first official indications of thepotential costs of Brexit to the British economy and public finances.

What we learned from the statement:

1) The OBR’s new forecasts show that growth in the British economy in the ...