Today’s Autumn Statement laid bare the expected hit to the public finances from Brexit. But despite expecting to borrow an additional £122bn over the next five years, fiscal policy will continue to weigh on growth.
In the immediate aftermath of the EU referendum, with concerns about the near-term economic outlook at their height, the prospect of a sizeable fiscal stimulus package being included in the Chancellor’s Autumn Statement looked odds on.
The precipitous fall in sterling since 23 June, which has seen only the Mozambique New Metical and the Sierra Leone Leone perform worse, was a predictable response to the referendum outcome to leave the EU.
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