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Top U.K. Official Offers Cautiously Upbeat Outlook for Economy

LONDON — The British economy has outperformed expectations since last year’s vote to leave the European Union. In his annual budget presentation delivered Wednesday, the chancellor of the Exchequer, Philip Hammond, predicted the economy would continue to do so, giving him the flexibility to guard against the uncertainties that lie ahead as Britain leaves the European Union.

“Amongst the major advanced economies, Britain’s growth in 2016 was second only to Germany,” Mr. Hammond sa

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