Wednesday 18 January 2017

UK chancellor wary of 'eye-watering' debt

Published 21/11/2016 | 02:30

Mr Hammond also BBC television that levels of public debt were “eye-wateringly” high. Photo: Jeff Overs/BBC via Getty Images
Mr Hammond also BBC television that levels of public debt were “eye-wateringly” high. Photo: Jeff Overs/BBC via Getty Images

British chancellor Philip Hammond will aim to help struggling families and boost the country's long-term growth prospects when he announces Britain's first budget plans since the Brexit vote on Wednesday.

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But Mr Hammond also told BBC television that levels of public debt were "eye-wateringly" high and he would not be announcing a big increase in public spending.

"We've got to make sure that the prosperity that comes from seizing opportunities ahead is shared across the country and across the income distribution," he told the BBC.

Mr Hammond said that the government was keeping an open mind about its options for leaving the EU, downplaying suggestions from Britain's foreign secretary Boris Johnson that the country should leave the EU's customs union. (© Reuters)

Irish Independent

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