Bloc tells UK Brexit is lose-lose situation — European Union gets tough

UK growth forecast slashed as Hammond touts infrastructure plan

The government will earmark 1.4 billion pounds of new funding to help build 40,000 new homes over the next five years, the Treasury statement said.

Leading Eurosceptic Cabinet ministers and pro-Leave MPs have hit out at gloomy post-Brexit economic predictions by the Government's budget watchdog - and claimed its forecasts are wrong. According to Chote, the forecasts do show some positive growth, but added: "We have not assumed more aggressive job shedding or a jump in precautionary saving, both of which pose downside risks if the road to Brexit is bumpy".

In an annual fall statement to Parliament, Mr. Hammond laid out the government's most-detailed assessment yet of the economic effects of the June vote to leave the European Union and how it intends to respond. He said his goal was to get the economy "match fit" for the next chapter. Publications that backed Remain, such as the Guardian, highlighted increased borrowing because of a slowdown in investment, lower consumer confidence and reduced tax receipts following the referendum.

Chancellor Philip Hammond stood up in the House of Commons yesterday knowing that this was no normal autumn statement, where the focus is mainly on the impact his various adjustments would have on individuals and the wider economy.

Hammond offered a sweeping critique of the country's economic landscape, and placed particular emphasis on the need to improve productivity, pointing out that the Germans, the French and the Italians had better productivity rates.

The OBR also sees the United Kingdom adopting tighter immigration controls and becoming less attractive as a destination for immigrants, with knock-on effects for economic growth and the public finances.

"We spend less on research and development than most of our competitor economies, so that does hold us back", Johnson said.

The independent government agency said that growth will slump to just 1.4% next year, down from 2.2% predicted in March.

The OBR forecast that withdrawal would wipe 2.4 per cent off growth over five years and pile nearly £60 billion onto borrowing. In the USA, investors have sent stocks and the dollar higher in anticipation of higher fiscal spending by President-elect Donald Trump.

But some advocates for these people were disappointed.

Muscat said he would not be surprised if Britain failed to meet its self-imposed March 31 deadline. He said that Hammond had merely "applied a sticking plaster to family budgets hemorrhaging losses imposed on them by his predecessor's budgets". The poorest half of households are experiencing flat or falling incomes.

But he warned Britain still faced an "eye-watering" deficit following the 2008 global financial crisis that has triggered nearly a decade of deep government spending cuts.

"Clearly it would have put us in a very hard position if they had told us something and said we can't share that with the rest of the world".

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