Wednesday, 23.11.2016, 21:40
It is the first budget speech after the Brexit vote in the UK. Chancellor Hammond must admit: It is not a pretty picture.The UK must prepare for less growth, higher prices and more debt.
The growth forecast for 2017 had to be lowered because of uncertainty of 2.2 to 1.4 percent, said Finance Minister Philip Hammond. “This is certainly less than we would like,” he said on Wednesday in Parliament in London. It is the first budget speech since the historic Referendum to exit the EU in June.
The national debt will massively go in the height, said Hammond. According to present calculations they will increase from 84 per cent of the annual economic strength in the budget 2015/16 to almost 90 percent in the period to 2018/19.
“Significant price pressure”
The Minister of Finance must give up, therefore, according to his own words, is also the target of his predecessor: This was taken before the Brexit Referendum in June to present at the end of the decade, a budget surplus.
The government is faced with the task to strengthen the resilience of the UK economy, said Hammond, with a view to exiting the EU. It was important for the economy to “a new Chapter” preparation. Hammond acknowledged that the fall in the value of the British pound led to a “significant price pressure”.
raising the minimum wage
Already before the Referendum in June, experts and international organisations against the negative consequences of the EU had warned of discharge. The official withdrawal-negotiations with Brussels to begin until the end of March 2017 and is expected to take two years.
the economy will reduce the government by 2020, the corporate tax from the current 20 percent to 17 percent, affirmed Hammond. He also announced an increase in the minimum wage, which currently is 7.20 £ 7.50 sterling (€8.20) per hour.
hundreds of thousands of Britons, according to Credit Suisse, parts of your assets
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