Hammond angers Brexiteers with no deal warning

Chancellor of the Exchequer Philip Hammond came under renewed criticism from pro-Brexit lawmakers on Friday for warning that leaving the European Union without an exit deal would hit public finances, underlining discord in the ruling Conservative Party.

Hammond, seen as one of the most pro-EU members of Prime Minister Theresa May’s cabinet, has long been a target for the so-called Brexiteers who say the finance ministry is too pessimistic about Britain’s future outside the EU.

In a letter published on Thursday, Hammond referred to forecasts made by his department in January, highlighting that under a no-deal scenario, borrowing would be about 80 billion pounds a year higher in 15 years’ time as the economy grew more slowly.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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