Phillip Hammond leaves 11 Downing Street on his way to make his debut autumn statement Times photographer Jack HillBritain is to borrow another £122 billion over the next five years Philip Hammond admitted today as the Brexit bill fell due. About half the extra debt is needed to plug a hole blown in the public finances by the uncertainty caused by Britons’ decision to leave the EU. The chancellor will also borrow another £26 billion to fund investment in housing, transport, digital technology and science research in the latest attempt to address the country’s chronically low productivity. Mr Hammond raided middle-class tax breaks for spending such as gym membership, sharply raised insurance premiums and delivered only limited easing of welfare cuts as he insisted that he was committed to balancing the books. He also served notice that the “triple-lock” which guarantees a minimum…

Source: The Times November 23, 2016 16:52 UTC