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Britain’s first post-Brexit budget due in November

British Prime Minister Theresa May / AFP PHOTO / PRU / PRU /

British Prime Minister Theresa May / AFP PHOTO / PRU / PRU /

The British government will in November present its first budget since the country voted to leave the European Union, the Treasury announced on Thursday.

New finance minister Philip Hammond will give his first Autumn Statement to lawmakers exactly five months after the referendum backing Brexit.

“The chancellor of the exchequer, Philip Hammond, has today announced that he will present his first Autumn Statement to parliament on 23 November 2016,” the Treasury said.

As well as tax and spend plans, the budget will include the Conservative government’s latest forecasts for British economic growth.

The Autumn Statement is seen as a mini-budget before the main tax and spend announcements given usually in March.

While the risk of recession in Britain caused by Brexit fallout has diminished following relatively upbeat data releases since the June 23 vote, the economy could still take a turn for the worse.

A leading economic think tank, NIESR, warned Wednesday that “the probability of a technical recession before the end of 2017 remains significantly elevated”.

Hammond replaced George Osborne, who resigned as chancellor after the Remain camp lost the EU referendum. The biggest political casualty was David Cameron, who stepped down as prime minister and was replaced by Theresa May.

Hammond meanwhile decided against holding an emergency budget following the referendum result despite Osborne claiming that one would have been necessary.

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