The Chancellor is about to reveal the terrifying cost of Brexit

Britain faces a £100 billion black hole in its finances because of Brexit, Chancellor Philip Hammond will reportedly tell MPs in next week’s Autumn Statement. Official forecasts produced by the Office for Budget Responsibility suggest low tax revenues, slower growth and reduced investment after Britain's vote to leave the EU mean the UK’s budget deficit will soar in the next five years, according to reports in the Financial Times. Mr Hammond’s predecessor as chancellor, George Osborne, had promised the UK would be in surplus by 2019-20 and made this a core part of his economic policy.

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