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U.K. Chancellor of the Exchequer Philip Hammond is facing a 25 billion-pound ($31 billion) hole in the public finances following the Brexit vote, the Institute for Fiscal Studies warned.

Diminished growth will result in 31 billion pounds of lost tax revenue, only partially offset by a 6 billion-pound reduction in spending if Britain ceases to contribute to the European Union budget, the nonpartisan research group said in a report published on Tuesday. It means the U.K. is heading for a deficit of 14.9 billion pounds in 2019-20 instead of the 10.4 billion-pound surplus predicted in March by former chancellor, George Osborne.

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