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U.K. Bows to Worsening Economy, More Borrowing as Brexit Nears

Wednesday, Nov 22 2017
U.K. Bows to Worsening Economy, More Borrowing as Brexit Nears

U.K. Prime Minister Theresa May’s troubled government resigned itself to a deteriorating economic outlook as it committed 3 billion pounds ($4 billion) to prepare for Brexit and tried to make housing more affordable for the young. In delivering his annual budget on Wednesday, Chancellor of the Exchequer Philip Hammond acknowledged official forecasts which showed Brexit already inflicting an economic cost. The Office for Budget Responsibility predicted growth will now undershoot 2 percent every year through 2021 and it halved its estimate for productivity gains over the next five years.

He abolished the tax on home purchases for first-time buyers on all properties up to 300,000 pounds, handed an extra 7.5 billion pounds to the health service and smoothed access to welfare benefits. Each policy represented an attempt to close off lines of attack from the opposition Labour Party still feeling the glow of June’s election which cost May her parliamentary majority. Yet the OBR was quick to point out the flaws in the headline-grabbing stamp duty announcement. Though sold as a popular measure to help aspiring homeowners, it will increase house prices by 0.3 percent” and “the main gainers from the policy are people who already own property.”

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