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Now just ahead of that Parliament votes at the UK lowered its economic growth forecast for this year, downing it from 1.6% to 1.2%. Country's Finance Minister Philip Hammond said this is due to the uncertainty of Brexit and global economic slowdown. Hammond warned a no deal Brexit will have an negative impact on the UK's economy in short term including increasing unemployment rates, lowering wages and rising prices. However, Chancellor the Exchequer is still optimistic about the British economy in the long run. He said country's economic growth forecast remains at 1.4 percent for the year 2020. Hammond also said if Parliament can successfully reach a Brexit deal in the coming weeks, the 26 billion pounds or 34 billion US dollars set aside for No Deal Brexit could be saved for public spending and tax cuts.
