Today, the Chancellor gave his first Autumn Statement since the change in government following the vote to leave the European Union. The countless statistics and long words can be a bit daunting to unravel, so let’s take a look at the main, headline figure. The trusted and respected Office for Budget Responsibility (OBR) has calculated that the UK will borrow considerably more than expected by the next Westminster election.
Extra borrowing because of Brexit
This staggering figure equals to £226 million per week. This is based on forecast higher inflation, lower productivity, lower migration, lower growth and higher interest rates resulting from the uncertainty surrounding the decision to leave and Article 50 negotiations.
Crucially, this is even before Article 50 is even triggered and the outcome of negotiations are known. It’s vital that Wales’ interests are protected and that membership of the single market is maintained.