Britain will need to curb public spending further or raise taxes if leaving the EU does long-term damage to economic growth, underscoring the importance of the country striking new trade deals, the UK government’s budget watchdog has said.

Britain’s economy is likely to feel the impact of the Brexit vote in the coming years after an initial period of resilience, chancellor Philip Hammond said as he spelled out his plans to steer the British economy through its departure from the EU.

British house prices are likely to rise on average by 3% next year as a shortage of new homes coming to the market continues to push up prices, the Royal Institution of Chartered Surveyors (RICS) has said.

British chancellor Philip Hammond moved yesterday to put flesh on the bones of his promise of a “fiscal reset” following Brexit, unveiling a raft of spending measures aimed at boosting the country’s economy.

Jean Pisani-Ferry looks at the options open to the EU as it considers what it can do to help the continent emerge from the economic doldrums

€1.64b of cuts abandoned as public spending ‘under control’

UK Chancellor of the Exchequer, George Osborne, took aim at the soft drinks industry yesterday, announcing a new tax on sugary drinks.

The UK is to cut its corporate tax rate from 20% to 18% by 2020; thus lessening Ireland’s advantage in attracting foreign direct investment. The North is also seeking to get a special rate in the next few years of 12.5%, to match Ireland’s.

Chancellor George Osborne yesterday received a boost ahead of his emergency summer budget as official figures showed a better-than-expected improvement in the UK’s public finances.

Britain had its smallest budget deficit for any February since 2008, as the late arrival of self-assessed tax filings boosted government revenue.

A £160m hit to Stormont’s budget next year will be dwarfed by a further £1.3bn worth of cuts looming on the horizon, the Northern Assembly has been warned.

George Osborne’s battle to bring down the UK's annual deficit was given a small boost today as figures showed underlying Government borrowing for July fell by half.

If we give in to myths in arguments against wind energy, we risk losing a major opportunity for energy and economic development, writes Grace O’Sullivan

British chancellor of the exchequer George Osborne has courted voters ahead of an election in 2015 with promises of help for savers, tax breaks for manufacturers and lower levies on beer and bingo.

Britain is still expected to face years of austerity despite official forecasts today showing that the economy will return to its pre-crisis peak during this year.

The Office for National Statistics (ONS) in the UK has today reported a near £1.3bn drop in British government borrowing in August.

More signs of economic optimism in the UK have emerged as a business group forecast stronger-than-expected growth for this year.

Britain needs seven million migrants over the next 50 years to help keep down national debt levels, according to the official forecaster.

The International Monetary Fund (IMF) today put pressure on British Chancellor George Osborne to change economic course in a critical assessment of the state of the British economy.

Chancellor George Osborne unveiled the first overhaul of the Bank of England’s remit in nearly a decade under plans for “monetary activism” in the face of sharp growth downgrades and higher borrowing.

Hopes that the UK can maintain its AAA credit are fading, economists said today.

Bank of England policymakers are unlikely to deliver an early Christmas present to the economy today despite warnings that output could shrink again in the final three months of the year.

George Osborne today announced a benefits squeeze and a raid on the pensions of the wealthy as the economy continues to falter.

George Osborne admitted it was taking longer for Britain to recover from the financial crisis than he hoped today amid warnings that the Government would miss its key economic targets.

British Chancellor George Osborne will have to fill a £48bn black hole in the UK's public finances if he is to get his deficit-busting plans back on track, a report warned today.

Britain’s budget deficit widened to the biggest on record for any August, data showed yesterday, a day after the central bank governor said overshooting budget targets may now be acceptable.

Britain’s public finances veered further off track in July after a shortfall in corporation tax revenues and higher spending, putting the government’s deficit goals in doubt and raising the prospect of more austerity on top of planned spending cuts.

Chancellor George Osborne slashed the top rate of tax for Britain's biggest earners today, claiming that the controversial 50% rate was damaging the economy.

How cruel. Moody’s is threatening to dump Britain’s triple-A rating.

The UK’s debt mountain today smashed through the £1trn (€1.19trn) barrier for the first time in history.

Britain's Chancellor of the Exchequer George Osborne insisted today the Government was doing everything possible to “weather the storm” as economic forecasters warned the UK is likely to be already in recession.

The challenges faced by the global economy were underlined today by mixed growth figures from both sides of the Atlantic.

The UK economy ground to a halt in the second quarter of the year, revised figures revealed today, but bounced back between July and September with stronger growth than previously estimated.

Bank of England policymakers are moving closer to taking further emergency action to jumpstart the UK recovery in the face of a “marked deterioration” in the economic outlook, documents revealed today.

Financial markets were in turmoil today after a collapse in share prices around the world.

British taxes must rise £82bn (€94.6bn) a year to balance health costs and underfunded state pension investments, an economic research body said.

Spending cuts and the improving health of the UK banking sector should ensure the UK retains its gold-plated credit rating, a leading agency said today.

Britain slumped into the red by a higher-than-expected £23.3bn (€27.45bn) in November – the highest monthly borrowing figure since records began, official figures revealed today.

British importers and exporters confidence soared in November, after it was revealed that trade played a large part in boosting UK economic growth in the third quarter of 2010.

THE pain of Britain’s forthcoming spending squeeze — the most sustained of its kind since WWII — may yet force the government to rethink its strategy, the head of the Institute for Fiscal Studies told Reuters.

British Chancellor George Osborne has set out a four-year plan of cuts today which he said would drag Britain “back from the brink”.

The UK’s best growth in nearly a decade was overshadowed tonight by the growing threat of a double-dip recession in the US.