Chancellor's looser finance targets highlight weaker UK economy

City analysts say Philip Hammond's measures are sensible as Britain faces challenging years of Brexit negotiations

There was a veneer of discipline in the chancellor's handling of the UK's public finances, after he ditched his predecessor's strict target of balancing the budget in 2020 with three looser targets to be met in the next parliament.

Philip Hammond opted to set a cap on welfare spending, but only applied the new rule from the 2021/22 financial year. He also said the government's new aim was to bring down debt as a proportion of GDP by 2021, which George Osborne had hoped would happen under his watch.

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