Chancellor slashes 2017 growth forecast, ruling out 2019/20 surplus

Philip Hammond has slashed the forecast growth for next year, admitting the Government can no longer deliver a surplus in 2019/20. The Chancellor said that GDP growth in 2017, the year the UK is expected to begin the process of leaving the European Union, is now expected to be just 1.4%. The growth figure is down from the 2.2% previously forecast by the Office for Budget Responsibility.