Hammond under pressure to deliver optimistic budget
Philip Hammond, Chancellor of the Exchequer, is facing under pressure by Conservative Euro skeptics to be positive about the UK’s exit from the EU and utilise the budget to put forward an ambitious policy change in the form of tax reductions and an increase in spending.
Hammond has told fellow MPs he intends to stick to his plans and keep with his fiscal rules. He is confident he can reassure the markets that he has a firm handle on public finances during such an uncertain period.
Many conservative members who are in favor of Brexit have been critical Hammond for his negative opinions on Brexit. It is felt he is not embracing the opportunities created by the UK’s exit from the EU. I am of the opinion it is right to be cautious looking at the damage that has been caused so far.
I would not expect great shakes from Hammond, I would expect a rather constrained budget. I wouldn’t being hanging fire considering the improvements for the pound we have seen against the majority of major currencies.
Is an Exit Deal on the cards?
Britain was given a two week ultimatum buy Michael Barnier and has reminded negotiators an exit bill must be agreed in order for trade deals to progress.
An offer of €20bn has been put forward by the UK, but there is expectation that May will offer an improved offer of €38bn in December. If an offer of this size is accepted I would expect Sterling to strengthen as this would pave the way for negotiations to commence.
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