Hammond says his Brexit fiscal war chest has grown

UK

Britain’s Chancellor of the Exchequer Philip Hammond is seen outside Downing Street in London, Britain, March 12, 2019. REUTERS/Peter Nicholls

LONDON (Reuters) – British finance minister Philip Hammond said he now had 26.6 billion pounds of fiscal “headroom” — which is earmarked for possible increased spending or tax cuts — up from a previous estimate of 15.4 billion pounds.

Hammond, delivering updated budget forecasts on Wednesday, said the budget deficit forecast for the soon-to-close 2018/19 fiscal year was likely to be 3 billion pounds lower than expected in October, when he made his annual statement.

He said Britain’s public debt was set to fall sustainably “for the first time in a generation.”

The figures were prepared for Hammond by the Office for Budget Responsibility. They assume Britain will secure a Brexit deal, avoiding the shock of leaving the European Union with no transition.

Reporting by Andy Bruce and William Schomberg, editing by Larry King

Products You May Like

Articles You May Like

‘Our darkest of days’: PM Ardern voices New Zealand’s grief as burial preparations begin
Thomas speaks as U.S. high court weighs death row inmate’s race claim
Returning to London, Britain’s May faces mammoth task to change minds on Brexit
Minnesota stuns Louisville for first tourney win since ’13
U.S. government sued for access to auto tariff probe report

Leave a Reply

Your email address will not be published. Required fields are marked *