UK economy ‘resilient’ despite £122bn hit to finances

The UK economy is “resilient” despite forecasts that government finances will be £122bn worse off than previously expected by 2020, the chancellor said.

In his Autumn Statement Philip Hammond said growth predictions had been cut as a result of the Brexit vote.

As widely expected, he unveiled a fuel duty freeze and more cash for housing, transport and digital infrastructure.

Labour said the government was “unprepared and ill-equipped” for Brexit and had “no vision”.

Mr Hammond told MPs the UK’s deficit would no longer be cleared by 2020 – with the target instead “as early as possible” afterwards, reported BBC.