The Budget has been sunk by a growth bombshell

The UK's growth forecasts have been torpedoed by Brexit. Read Vince Cable's initial reaction to the budget.

By Vince Cable, Nov 22, 2017 2:11

Vince Cable

In today's budget, the Chancellor admitted that the UK economy will be smaller by a huge £45 billion than was estimated as recently as March.

The economy will be £45 billion smaller in 2021 than predicted as recently as March.

And that is the least worst case scenario.

Philip Hammond might as well have sat down and stopped talking once he announced this slump in growth figures.

Britain has gone from top of the growth league to deep into the relegation zone, with each person set to be £687 worse off per year.

The OBR has revised down future earnings, productivity and household consumption.

The worst part is much of this damage is self-inflicted, with the hard Brexit this government is pursuing.

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