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TEHRAN, Mar 12 - British finance minister Philip Hammond on Wednesday updates the government's spending and tax plans that depend heavily on the nature of Brexit.
TEHRAN, Young Journalists Club (YJC) - The Spring Statement, an update on the main annual budget announcement last October, comes less than 24 hours after British MPs vote Tuesday on whether to back Prime Minister Theresa May's Brexit deal or risk a 'no deal' departure on March 29.
May has secured last-minute changes to the deal from the European Union, hoping they will be sufficient to win parliament's backing.
But in a blow to her amendments, the UK government's chief legal advisor said the legal risk of Britain being stuck in EU trade arrangements after Brexit fundamentally "remains unchanged".
Now parliament must vote on whether it is a risk worth taking to allow for an orderly exit from the EU.
In a weekend interview with the Financial Times, Chancellor of the Exchequer Hammond argued that a smooth departure from the European Union could see a bounce in Britain's economy, that risks falling into recession should 'no deal' occur according to some analysts.
Hammond has hinted that an orderly exit would enable him to release vast sums set aside in case of a chaotic departure.
The Financial Times said that Brexit contingency of about £15.4 billion ($20 billion, 17.8 billion euros) could be further boosted by better-than-expected tax receipts for the government.
Spending the money on improving public services such as education and health could help reverse years of state austerity that followed the global financial crisis.
Source: AFP
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