ML-Implode News - U.K. Shelves Austerity in First Spending Plan Since â€˜Brexit' Vote

After years of tough spending curbs, Britain's government on Wednesday cast aside the language of austerity as it acknowledged the high economic cost of withdrawal from the European Union, and tried to placate struggling working-class families whose incomes have stagnated.
A pledge by the previous chancellor of the Exchequer, or finance minister, George Osborne, to balance the budget by 2020 has been shelved. Instead, the current chancellor, Philip Hammond, is replacing it with a vaguer ambition to do so as soon as practical after 2020.
...
Britain faces some longstanding economic difficulties. According to a research note from three economists at Bank of America Merrill Lynch, those include "woeful productivity performance, the already probably undeliverable austerity that is planned in day-to-day government spending and the large long-term deterioration in the finances that will result if the government delivers on its plan to reduce migration to the tens of thousands."

Over all, they added, "Brexit means, eventually, higher taxes, lower government spending or permanently higher borrowing."

Relevant:

U.K. Shelves Austerity in First Spending Plan Since â€˜Brexit' Vote