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Brexit: the challenge ahead

"There's no getting away from the fact that our prospects have got worse"

By Paul Johnson   September 2016

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On 25th November last year, George Osborne, the former Chancellor of the Exchequer, delivered his Autumn Statement and Spending Review. At the time it looked like it would be the defining budgetary event of this parliament. He planned four more years of cuts so that by 2019-20, the government’s revenues would exceed its spending—it would have balanced the budget. The Brexit vote means that these fiscal plans will be torn up. The economy is now expected to grow…

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