UK cuts growth forecasts for 2 years in first budget plan since Brexit vote

London

BRITAIN has cut its official forecasts for economic growth for the next two years, Chancellor of the Exchequer, Philip Hammond, said on Wednesday, as he delivered the country's first budget statement since voters decided to leave the European Union.

The weak public finances leave Mr Hammond little room to ramp up public spending or make big cuts to taxes.

Indeed, Mr Hammond said the government would need to borrow billion of pound…