The independent government agency said that growth will slump to just 1.4% next year, down from 2.2% predicted in March. Treasury chief Philip Hammond said growth would suffer because of greater uncertainty and higher inflation resulting from the drop in the value of the pound. The forecasts were announced Wednesday as part of the government's first set of spending and tax plans since the June Brexit vote. The government said it would create a £23 billion fund to invest in innovation and infrastructure over the next five years. "The level of spending is set to create a much bigger black hole than was previously considered."

Source: Egypt Independent November 24, 2016 10:59 UTC