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14 March, 2018 00:00 00 AM
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British economy to struggle on before Brexit

AFP

Britain's economy will grow slightly more than expected this year, finance minister Philip Hammond said Tuesday, but is expected to slow thereafter ahead of the country's EU divorce, reports AFP from London.

Gross domestic product (GDP) is projected to grow 1.5 per cent this year, Chancellor of the Exchequer Hammond said in a budget update that hiked prior guidance of 1.4 per cent thanks to the strengthening world economy.

The new 2018 forecast remains a slowdown, however, compared with expansion of 1.7 per cent last year, and followed a gloomy OECD warning that Brexit would crimp growth over the coming years.

Britain's so-called "Brexit bill" -- or the final divorce settlement that the government will pay Brussels to sever ties with the European Union in a year's time -- is estimated to stand at £37.1 billion (42 billion euros, $52 billion), according to the Office for Budget Responsibility (OBR) that number crunches on behalf of the government.

This is in line with a Treasury estimate given last year of between £35 billion and £39 billion.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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