Media captionPhilip Hammond opened his Autumn Statement by looking at the UK economic figures. The government has defended economic forecasts in the chancellor"s Autumn Statement after criticism by some pro-Brexit MPs that they are too gloomy.
Philip Hammond quoted Office for Budget Responsibility (OBR) forecasts of more government borrowing and reductions in economic growth after the Brexit vote.
Ex-minister Iain Duncan Smith claimed the OBR “hasn"t got anything right.”
But treasury minister David Gauke said it was right to work on the basis that the OBR forecasts were correct.
Mr Hammond told MPs the UK"s deficit would no longer be cleared by 2020, while the OBR estimated the government would have to borrow an extra £122bn compared with what was forecast in March, with the referendum result accounting for £58.7bn of this.
The Brexit vote meant potential growth in the current Parliament would be 2.4% lower than forecast in March, according to the OBR.
The OBR said pr..
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