UK Cuts Growth Forecasts
World Economy

UK Cuts Growth Forecasts

Britain has cut its official forecasts for economic growth for the next two years, Finance Minister Philip Hammond said on Wednesday, as he delivered the country's first budget statement since voters decided to leave the European Union. The weak public finances leave Hammond little room to ramp up public spending or make big cuts to taxes, Reuters reported.
Indeed, Hammond said the government would need to borrow billion of pounds more over the next five years, with net public sector debt forecast to rise to a peak of 90.2% in 2017/18, up from a projection of 81.3% in March.
The Office for Budget Responsibility, Britain's independent budget forecasters, said gross domestic product would grow by 1.4% in 2017, down from an estimate of 2.2% made in March, before voters decided to leave the EU.


Short URL : https://goo.gl/36mPWo
  1. https://goo.gl/S9GW7K
  • https://goo.gl/LLBbPB
  • https://goo.gl/3zBhYc
  • https://goo.gl/dI19AF
  • https://goo.gl/OwQYfD

You can also read ...

Venezuela Devalues Currency by 95 Percent
Venezuela devalued its currency by about 95% ahead of the Aug...
The average annual salary for K–12 public-school teachers is roughly $58,000, and they typically spend a sizable chunk  of that on classroom supplies integral to their jobs
Airbnb, the popular platform that lets people rent out their...
S&P, Moody’s Lower Turkey Ratings
Two major global ratings agencies lowered Turkey’s ratings Aug...
Nigeria CB Reports $91b FX Inflow in 2017
The Central Bank of Nigeria, said the aggregate foreign...
Russia’s largest electronics chain, M. Video, estimates that about a fifth of its products are bought with credit  or on installment plans as people are more confident about the future.
Russian consumers are borrowing like the boom times are back...
Argentina Says Poverty to Rise as Economy Slumps
More Argentines are likely living in poverty now compared with...
Egypt Keeps Rates Steady
Egypt’s central bank left its main interest rates unchanged,...
China Internet Stocks Fumble
A steep downturn in heavyweight Chinese internet stocks and...

Add new comment

Read our comment policy before posting your viewpoints