Lower U.K. Borrowing Forecasts Unlikely to Survive Autumn

(Bloomberg) -- The U.K. budget statement was lost in all of Wednesday’s Brexit noise, but for those who did pay attention, Chancellor Philip Hammond had some good news. He said he now expects to borrow less over the coming five years despite a downgrade to growth forecasts for this year. Bloomberg Economics doesn’t see the chancellor’s prudence lasting -- it seems highly likely the spending taps will be turned on in the fall.

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