Hammond: The British economy is robust but surrounded by a cloud of uncertainty

11 Oct 2017 12:00 PM

Philip Hammond, the British finance minister, said:

  • The IMF forecasts reflects how we have been affected by the uncertainty resulting from Brexit.
  • We should be prepared if no deal situation outcome even though this is not our preferred choice.
  • We will make allocations for this, but we will not spend taxpayer money until the outcome of the negotiations is known.
  • The uncertainty should be removed as soon as possible.
  • We need to determine what is the realistic worst case scenario that we can plan for.
  • The UK has a fundamental problem with productivity.
  • We are looking at a different path to work on productivity growth.

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