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World

UK braces for first budget since Brexit vote

Opening sequence

Opening sequence

World

UK braces for first budget since Brexit vote

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COMING UP:UK braces for first budget since Brexit vote

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Transcript

00:00:00
>> Courting the Chinese government, Britain's Finance Minister trying to bring much-needed investment to Britain, but Philip Hammond's got a trickier task ahead of him. Later this month,
INAUDIBL
] won't bail his autumn statement, the first budget announcement since Britain voted to leave the European Union. The June referendums highlighted a deep unease in the country over the impact of globalization.
00:00:25
Reuters economics correspondent, Bill Schomberg, says it's something the government's determined to tackle.>> Prime Minister made it pretty clear that she thinks the priority for her government should be to help with people that she calls, just-managing families. But there are tweaks that could be made to tax rules and there are changes that can make to plan the cut-backs on the benefit side as well.
00:00:46
Other changes could include cut to taxes on things like beer, wine, spirits, possibly petrol as well.>> Since the Brexit vote, the economy's held up better than expected, but there are still deep concerns about the months and years ahead.>> While the Brexit vote is casting a very big shadow over the UK economy for the coming years, there's no escaping that for Philip Hammond, growth is likely to be slower, inflation is going to be higher.
00:01:10
These are things that he's gonna have to juggle with. That means that the Chancellor probably will be under more pressure than usual to find ways to try and incentivize companies to invest, and there'll be all sorts of other pressures on him to try and offset the hit that many families are likely to feel from the impact of the Brexit vote.
00:01:26
>> With so much uncertainty in the economy, the autumn statement expected to be a modest affair. That means some of the bigger issues like the country's chronic housing shortage may have to wait until the full budget next spring.