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World

Growth takes Brexit bashing in UK forecast

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Opening sequence

World

Growth takes Brexit bashing in UK forecast

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COMING UP:Growth takes Brexit bashing in UK forecast

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Transcript

00:00:00
>> Preparing for the worst, Chancellor?>> Cometh the hour, cometh the man setting Britain's first post-Brexit economic agenda, no pressure. It's also Philip Hammond's first autumn statement. His first such session from the dispatch box, billed as supporting ordinary working class families and boosting productivity.>> An economy where every corner of this United Kingdom is part of our national success.
00:00:27
>> These economic tweaks by the Chancellor fall neatly in line with the agenda set by his Prime Minister, to address those who might've voted for Brexit. I'm Reuters reporter Jacob Grieves in Westminster where the measures include a bump to the national living wage up to £7.50 an hour and curtailing the impact of welfare cuts.
00:00:48
The government says will benefit three million households. But Hammond's hands are tied when it comes to how much he can do. A growth downgrade in the wake of Brexit stealing the show.>> In 2017 the OBR forecast growth to slow to 1.4% which they attribute to lower investment and weaker consumer demand.
00:01:10
>> Add to that higher borrowing of £122 billion pounds and a national debt set to rise to 90% of GDP by the end of 2018, figures the opposition Labor Party have jumped on.>> Very disappointing day. I'm been an MP for six year now, they feel like six wasted years.
00:01:29
If you see what the Chancellor said today, investment down, growth down, debt going up. And the debt figures really quite astonishing based on the original plan, which of course was to get rid of the deficit by the end of the last Parliament.>> Aye.>> At this statement, former Chancellor George Osborne, sat in the rafters, his fiscal targets up there with him.
00:01:48
>> We no longer seek to deliver a surplus in 2019-20.>> I commend this statement.>> Aye.>> Hammond has waited a long time to get hold of Britain's purse strings, but on his first major outing as Chancellor he chose to be less showman more steady hand.>> Mr Speaker.