Britain's government will need to save more money as tax revenue is lower than expected. But substantial tax hikes are unikely before a crucial referendum on EU membership.
UK government ministers are to publish new papers setting out their aims for Brexit talks. Fourteen months after the referendum, there has been little progress in talks on the terms for the UK's exit from the bloc.
The UK would have to honor its financial commitments to the EU until "at least 2020," despite Brexit, the EU's budget chief told the German newspaper Bild. The EU is mulling reforms to compensate for Britain's absence.
The British government has ordered a year-long study, due to report months ahead of Brexit, into the contribution of EU citizens to the UK economy. Pro-EU "Remainers" asked why it hadn't been done earlier.
The IMF has cut its 2017 growth forecast for the UK economy following a weak first quarter, suggesting Brexit is starting to hit consumers and businesses. The finance ministry renewed calls for a smooth exit from the EU.
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