U.K.'s Hammond Sees Growth as Brexit Draws Near

The video discusses the UK's economic outlook, highlighting a cautiously optimistic growth forecast for 2017, raised to 2%. However, forecasts for subsequent years remain unchanged or downgraded due to Brexit uncertainties. Philip Hammond, the Chancellor, aims to balance the budget by 2020, reducing planned borrowing by £23.5 billion over five years. Tax changes include concessions for business rates and a criticized tax rise for the self-employed. Despite a reduced deficit, debt remains high, and while employment is rising, productivity is low.

What tax changes were mentioned in the budget speech, particularly for self-employed individuals?

How did Philip Hammond summarize the state of the deficit and debt in his speech?