Brexit uncertainty is depressing UK growth - Hammond

Brexit uncertainty is depressing UK growth - Hammond

Reuters  | Aug 10, 2018 12:50

Brexit uncertainty is depressing UK growth - Hammond

LONDON (Reuters) - Uncertainty over Brexit is depressing economic growth in Britain, Chancellor Philip Hammond said on Friday after official data showed lacklustre year-on-year expansion.

"Clearly that uncertainty is having a depressing effect on economic growth," Hammond told broadcasters during a trip to central England to announce 780 million pounds of public investment in high-tech industry.

Brexit proposals set out last month by Prime Minister Theresa May should lead to economic growth broadly the same as if Britain were to stay in the EU, he added.

Hammond said that in the long run he wanted to see growth rates faster than the year-on-year expansion of 1.3 percent recorded in the second quarter of 2018.

© Reuters. FILE PHOTO: Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street in London

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