Hammond: UK’s budget stance is “steady as she goes”

Britain's Chancellor of the Exchequer Phillip Hammond. (Reuters)
Updated 19 January 2017

Hammond: UK’s budget stance is “steady as she goes”

DAVOS, SWITZERLAND: British finance minister Philip Hammond said on Thursday he saw no case right now for using some of the room he reserved last year for the government to borrow more, ahead of his annual budget on March 8.
Britain’s economy has exceeded the expectations of most forecasters following the shock of June’s vote to leave the European Union, although economists polled by Reuters think a slowdown is likely this year.
In November, Hammond announced new budget rules to cut the budget deficit, once adjusted for swings in the economy, to below 2 percent of gross domestic product by the end of the decade — a goal which Britain’s official budget forecasters said he was likely to be meet with room to spare.
“Nothing we see at the moment looks like a case for accessing that headroom, at the moment it’s steady as she goes,” Hammond told Reuters at the World Economic Forum in Davos, Switzerland.
He said the government was focused on improving productivity while making sure there is flexibility to respond if the economy needs help later in the year.


Lebanon economy losing $70-$80 mln/day due to crisis -economy minister to MTV

Updated 11 December 2019

Lebanon economy losing $70-$80 mln/day due to crisis -economy minister to MTV

  • Bteish said the situation is "worsening" and requires a quick solution
  • Lebanon has been swept by protests since Oct. 17

BEIRUT: Lebanon's economy is losing at least $70 million-$80 million a day - about half its usual income - due to the crisis that has paralysed the country, caretaker economy minister Mansour Bteish told broadcaster MTV on Wednesday.
Bteish said the situation is "worsening" and requires a quick solution. Lebanon has been swept by protests since Oct. 17 and is now facing the worst economic strains since its 1975-1990 civil war.