What on earth is happening to the British economy in the wake of the Brexit vote? Chancellor Philip Hammond’s revelation that Brexit may lead to additional costs of £60bn to the UK – and that’s just an early estimate by the Office of Budget Responsibility.
Tory promises to have wiped out public debt first by 2015 and later by 2020 have been shattered, and Hammond revealed that the country will need to borrow a further £122bn by the latter date just to stay afloat. So much for austerity.
What does all this mean for the economy, for Scotland’s relationship with Britain (and Europe), or for high-cost “prestige” spending such as the renewal of the Trident nuclear weapons system? Respected academic Prof Mike Danson visited the Newsnet studios to discuss with podcast host Derek Bateman, while journalist Maurice Smith joined them to chew over the broader issues facing the economy.
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