UK borrowing expected to rise materially next year

London

BRITAIN could borrow nearly £65 billion (S$116 billion) more than planned in the next couple of years as new finance minister Philip Hammond seeks to "reset" government budget policy to ease the shock of last month's vote to leave the European Union (EU).

Ratings agencies and economists widely expect borrowing to rise materially next year for the first time since 2010, as Mr Hammond has to call time - temporarily - on the austerity which dominated his predecessor George Osborne's six years in office.

After taking office two weeks ago, Mr Hammond said th…