LONDON (Reuters) – Uncertainty over Brexit is miserable financial development in Britain, Chancellor Philip Hammond mentioned on Friday after official knowledge confirmed lacklustre year-on-year enlargement.
FILE PHOTO: Britain’s Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London, Britain, July 2, 2018. REUTERS/Simon Dawson
“Clearly that uncertainty is having a depressing effect on economic growth,” Hammond advised broadcasters throughout a visit to central England to announce 780 million kilos of public funding in high-tech business.
Brexit proposals set out final month by Prime Minister Theresa May ought to result in financial development broadly the identical as if Britain have been to remain within the EU, he added.
Hammond mentioned that in the long term he wished to see development charges sooner than the year-on-year enlargement of 1.three % recorded within the second quarter of 2018.
Reporting by David Milliken and Kylie MacLellan; modifying by Stephen Addison