Britain has ramped up its borrowing outlook by much more than expected after forecasters said its vote to leave the European Union would hurt the economy, giving the government only a little room to ease looming pressure on households and firms.
Chancellor Philip Hammond said June’s referendum result made it “more urgent than ever” to invest in tackling Britain’s long-term weaknesses, such as productivity growth that is among the slowest of rich nations.
“Our task now is to prepare our economy to be resilient as we exit the EU and match-fit for the transition that will follow,” Hammond told parliament on Wednesday to cheers from lawmakers in his ruling Conservative party
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