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UK chancellor facing £25b hit to UK budget, says IFS

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Mr Hammond has insisted that the goal of erasing the deficit has been postponed, not abandoned.

London

UK Chancellor of the Exchequer Philip Hammond is facing a £25 billion (S$43.2 billion) hole in the public finances following the Brexit vote, the Institute for Fiscal Studies warned.

Diminished growth will result in £31 billion of lost tax revenue, only partially offset by a

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