The UK government released its budget plan last week. According to official data, the government was seen allocating 3 billion GBP over the next two years.

This amount was said to assist the government with the Brexit plans when the nation is expected to exit from the single market.

700 million GBP already invested

Presenting the budget, the UK’s Chancellor of the Exchequer Philip Hammond also trimmed the growth forecasts for the UK.

“The negotiations on our future relationship with the EU are in a critical phase,”

Hammond said speaking in the parliament.

He said that the government had already invested 700 million GBP for the Brexit preparations.

What’s now?

The latest allocation of 3 billion GBP comes on top of this.

The chancellor said that the government was willing to allocate more if need be.

The forecasts for the UK’s growth were revised down sharply.

Data showed that the UK economy was expected to grow at a pace of 1.5% this year, down from previous estimates of 2.0%.

The forecasts published the Office for Budget Responsibility said that the main reason for lowering the GDP forecasts from the March data was due to low productivity growth.

The OBR said that the latest growth forecasts accounts for the post-crisis weakness.

Growth forecasts for the year ahead is said to be around 1.4%, down from the March estimates of 1.6%. For the year 2019, the UK’s GDP is expected to slow to 1.3%, which was lower.