Philip Hammond's autumn statement is a welcome reality check

New chancellor faces up to the UK's deep-seated economic weaknesses now left exposed by the Brexit vote

Philip Hammond's message was stark and clear. The result of the EU referendum in June means the economy has arrived at a reality checkpoint. Deep-seated weaknesses will be exposed as the government negotiates a Brexit divorce between now and 2019.

The chancellor was candid about Britain's woefully poor productivity record. He admitted that infrastructure was deficient. There was no attempt to disguise the fact that there is a prosperity gap between London and other major cities.

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