Autumn Statement 2016: Philip Hammond’s speech – Oral statements to Parliament – GOV.UK

Read the Autumn Statement speech in full.

Source: Autumn Statement 2016: Philip Hammond’s speech – Oral statements to Parliament – GOV.UK.

This is a good read. According to the Guardian, Hammond admits that Brexit will blow a GBP59bn in public finances. Meanwhile, the FT reports that the chancellor puts GBP27bn aside as a Brexit shock absorber.

At least, the UK is now not in denial about the financial impact of Brexit and evidence is back in fashion.

Hammond’s statement was grey and considered, lacking the gimmicks of some of his predecessors. But the central messages are clear, the UK is facing a black hole with Brexit and UK productivity seriously lags major competitors.

Thoughts?

 

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