UK Chancellor of Exchequer Philip Hammond raised the total funding for Brexit preparation to GBP 4B. He also emphasized that it’s a “pivotal moment” in Brexit negotiations. If things turn out right, it will be “double Brexit dividend”. Firstly, investments current on hold will come on stream. Secondly, Treasury will no longer have to hold back money for preparations.
On the economy, he raised growth forecasts for 2019 and 2020. For 2021 and 2022, growth projections are kept unchanged. But growth is expected to pickup again in 2023.
Here is a quick summary on GDP growth projections:
- 2019: 1.6%, up from 1.3% in the spring statement
- 2020: 1.4%, up from 1.3% in the spring statement
- 2021: 1.4%, unchanged from 1.4% in the spring statement
- 2022: 1.5%, unchanged from 1.5% in the spring statement
- 2023: 1.6% (new forecast)
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He also noted that budget deficit has fallen to less that 1.5% this year. And it’s projected to fall further to 0.8% by 2023-24.
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