Britain's Chancellor of the Exchequer Philip Hammond leaves 11 Downing Street on his way to present his Autumn Statement in the House of Commons, in London November 23, 2016. REUTERS/Toby Melville
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Britain ramped up its borrowing forecasts by much more than expected and said the vote to leave the European Union would weigh heavily on the economy, giving the government little room to ease the Brexit pressure on households and companies.In an attempt to prepare Britain for leaving the EU, Hammond announced the launch of a fund to invest 23 billion pounds in rail, telecoms and housing infrastructure over the next five years.The Office for Budget Responsibility, Britain's independent budget forecasters, said gross domestic product would grow by 1.4 percent in 2017, down from an estimate of 2.2 percent made in March, before voters decided to leave the EU.The government will invest 1.0-1.2 percent of GDP on economic infrastructure from 2020, up from 0.8 percent now, Hammond said.
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