UK to Invest $18Bln in Infrastructure to Handle Economic Turbulence After Brexit

The UK government will invest 15 billion pounds (about $18 billion) in transport network and hi-tech industries to prepare the country’s economy to navigate economic turbulence caused by the United Kingdom’s decision to leave the European Union, local media reported Tuesday.

MOSCOW (Sputnik) — UK Chancellor of the Exchequer Philip Hammond is expected to back a number of small-scale infrastructure projects across the country and spend up to 15 billion pounds on various schemes as he seeks to boost economic growth ahead of Brexit, the Sky News broadcaster said.

The aim is to stimulate local areas in infrastructure, technology and science sectors to create better-paid and highly-skilled jobs and to get people to work more quickly, according to the broadcaster.

Hammond said in October that the UK economy would go through a period of uncertainty before settling during the country's divorce from the European Union.

In June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, some 52 percent voted in favor of leaving the European bloc, which became known as Brexit.