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Britain sets aside $4 billion for Brexit www3.nhk.or.jp
The British finance minister says the UK is setting aside 3 billion pounds, or about 4 billion dollars, over the next 2 years in preparation for its exit from the European Union.
Chancellor of the Exchequer Philip Hammond announced this in his budget speech to parliament on Wednesday.
He said Brexit negotiations are entering a critical phase. Hammond stressed that securing free and frictionless trade with the EU is important for the economy and businesses.
He said the government is determined to prepare for "every possible outcome," suggesting the fund is being set aside in case Britain leaves without a free-trade deal with the EU, or if the country has to spend more on border controls after Brexit.
Hammond also announced that Britain has slashed its economic growth forecast for 2017 from 2 to 1.5 percent amid economic uncertainty in the run-up to Brexit.
He said that while many challenges lie ahead, Britain must seize new opportunities. He said that the UK will speed up the development of technologies that will form the backbone of the future economy, such as artificial intelligence and next-generation communications systems.
Published Date:2017-11-23
