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World / Europe

Brexit fallout to cost UK extra £122bn over five years

Published: 23 Nov 2016 - 05:28 pm | Last Updated: 16 Nov 2021 - 07:30 am
A video grab from footage broadcast by the UK Parliament's Parliamentary Recording Unit (PRU) shows British Chancellor of the Exchequer Philip Hammond as he stands at the distpatch box and speaks in the House of Commons in London on November 23, 2016.  AF

A video grab from footage broadcast by the UK Parliament's Parliamentary Recording Unit (PRU) shows British Chancellor of the Exchequer Philip Hammond as he stands at the distpatch box and speaks in the House of Commons in London on November 23, 2016. AF

AFP

London: Britain must borrow an additional £122 billion over five years as it exits the European Union, the government predicted Wednesday alongside a budget update.

The extra borrowing, worth $152 billion or 143 billion euros, covers the period until early 2021, according to official forecasts which also projected an economic growth slowdown.