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Brexit blows $31B hole in British budget

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A report by the Institute for Fiscal Studies found the United Kingdom government is facing a $31 billion hole in its finances because of Brexit.

Slowing growth and lower tax revenues will hit the budget and lead to higher borrowing, the report found.

According to the report, government tax revenues will drop to as much as $38.4 billion by 2019 if no major policy changes occur.

Read more from CNNMoney.

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