Gibraltar Pounds

Carillion collapsed on Monday when its banks pulled the plug, triggering Britain’s biggest corporate failure in a decade and forcing the government to step in.

Britain slashed its economic growth forecasts and expects to borrow a lot more going into the next decade, finance minister Philip Hammond said, but he nonetheless plans to spend more in the next couple of years to offset the impact of Brexit.

The European Union wants a transition period after Brexit to end no later than the last day of 2020, according to the European Commission’s negotiating directives agreed on Wednesday.

Britain’s sluggish economy looks set for more weak growth stretching out over the next five years, according to official forecasts announced by finance minister Philip Hammond on Tuesday as the country heads for Brexit.