UK Budget sees growth forecasts slashed, borrowings raised

London

BRITAIN slashed its growth forecasts for its Brexit-bound economy and expects to borrow sharply more going into the next decade, finance minister Philip Hammond said on Wednesday as he delivered a gloomy budget statement in parliament.

Slower economic growth will mean lower tax revenues, giving Mr Hammond little room for the bold moves that many in his Conservative Party - still smarting from an election mauling in June - are demanding to help households after years of cuts in public spending.