Philip Hammond conceded that Brexit will blow a £59bn black hole in the public finances over the next five years, as he outlined plans to boost investment in infrastructure and housing to equip the UK economy for life outside the EU. But the first official projections conducted after the vote of the likely impact of leaving the EU pointed to significantly weaker growth after Brexit. Other factors included weaker-than-expected tax revenues, and policy changes, including Hammond’s decision to spend more on infrastructure. Hammond also promised to take another look at the household energy market, where consumer groups have repeatedly warned customers are being ripped off. Labour MPs repeatedly challenged Hammond about the price of Brexit.

Source: The Guardian November 23, 2016 20:39 UTC