New British Chancellor faces lower growth, higher debt
First budget statement gives an indication of Brexit effects on the economy
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 ...