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10/29/2018, 4:45 PM (Source: TeleTrader)
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Hammond: Era of austerity coming to end

The end of austerity in the United Kingdom is "finally coming to an end," Chancellor of the Exchequer Philip Hammond said on Monday as he presented the so-called autumn budget in Parliament.

Hammond stated he allocated £2.2 billion already for Brexit preparations and that the £1.5 billion he set aside in last year's autumn budget will be increased to £2 billion in the current one. Additionally, in the "budget that paves the way for a brighter future," he added he would retain borrowing headroom so he has the power to intervene if the "economy needs some more support in the coming months," as well as that he will upgrade the spring statement to a full budget if appropriate.

Turning to the Office for Budget Responsibility's (OBR) growth forecasts, Hammond said economic expansion in 2019 was revised up from the 1.3% predicted in the spring statement to 1.6%. In 2020, he continued, growth is expected at 1.4% as well as in 2021, while 1.5% and 1.6% are forecast for 2022 and 2023 respectively.

Breaking the News / JC