Chancellor of the Exchequer Philip Hammond is in charge of the economy of a country with a failing economy. It just keeps getting worse. He just proposed to introduce a new railcard for under 30s to get a discount on rail fares. If you’re thirty years old and you need a discount to afford a train ticket, then there’s something very wrong.
And now, right before he’s due to announce the budget tomorrow, it’s been revealed that the country’s deficit grew last month as Hammond borrowed more than he expected. The Chancellor is under pressure to devote more money to public services, especially while we’re stuck in economic turmoil (which is made worse now that we know Britain is buried in even more debt).
The Office for National Statistics reported the figures. Economic experts were expecting the deficit in October to be £7.5 billion, but the ONS reports that it’s actually £8 billion. This means that the deficit has widened by 7% from last year’s figures.
Hammond is still on track for borrowing target
The borrowing target for the 2017/18 financial year is £58.3 billion, and luckily Hammond is still on track to meet that target. However, the sh*tstorm of Brexit is coming at us fast, and the economy will seriously suffer from it, especially since the EU want us to pay (which is fair enough, if you think about it).
