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Dark storm clouds hang over houses in a residential street in Fulham, west London August 12, 2014.
Reuters / Kevin Coombs"Dark clouds are gathering on the horizon" for Britain's economy, said UBS in a research note.
The note follows Wednesday's Autumn Budget, which saw growth forecasts revised down for the next 5 years.
LONDON — A research note from UBS says "dark clouds are gathering on the horizon" for the UK economy.
Chancellor Philip Hammond personal blog (click the up coming site
) presented his first Autumn Budget on Wednesday, which included dismal new growth forecasts
from the Office for Budget Responsibility, the government's public spending watchdog.
Although the OBR said public sector borrowing this year is now expected to be lower than previous forecasts
, UBS said the longer-term picture is "very clearly one of much higher borrowing," and the OBR figures are stark: Cumulative borrowing between 2018 and 2021 is predicted to increase by £58.8 billion to £137.1 billion.
The Office for Budget Responsibility said higher borrowing would be driven primarily by one factor, even more significant than Brexit: the UK's dismal productivity, forecasts for which were also revised down yesterday.
UBS strategist John Wraith said: