5 Key Points to Take Away From the U.K.'s Budget

Chancellor Philip Hammond boasts of 'confounding' U.K. economic growth but trims all growth forecasts below 2% for the next five years.
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Britain's finance minister slashed the government's economic growth forecasts and said he would set aside another £3 billion ($$ billion) to cushion the impact of its decision to leave the European Union.

Chancellor of the Exchequer Philip Hammond said the cash would sit alongside a previously committed £700 million, putting the reserve in the region of around 0.4% of annual UK GDP. Hammond, however, admitted that uncertainty surrounding Brexit negotiations, as well as a still-mysterious fall in productivity, will notably trim growth forecasts for the next three years.

"In this budget, we express our resolve to look forward, to embrace change, to meet our challenges head on, and to seize the opportunities for Britain," he said. "A prosperous and inclusive economy where everybody has the opportunity to shine wherever in the U.K. they live, whatever their background," he will say. "An outward looking, free-trading nation, a force for good in the world, a country fit for the future."

Here are 5 key points to take away from the U.K.'s budget.

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