The Presidential Daily Brief

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    MPs Push Back on Claims U.K. Will Have to Borrow Billions

    They’re cutting back on the cuts. In yesterday’s Autumn Statement, Britain’s Treasury chief Philip Hammond said Brexit will mean an additional $152 billion in government borrowing by 2021, and that economic growth, while “resilient,” would likely slow. For now, the U.K. will focus on borrowing, rather than cutting public spending even further, leading Labour politicians to crow about the admission that austerity measures aren’t working. Meanwhile, Conservative lawmakers derided what they called unnecessary negativity, and Hammond admitted an “unusually high degree of uncertainty” in post-Brexit forecasts.

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