Will there be any surprises from Hammond?
Philip Hammond, UK Chancellor of the Exchequer is due to deliver the spring statement today. It is expected to be a no frills affair with no big surprises that could rock the markets. I tend to agree with this and I do not expected any breaking changes.
It will commence around 12.30pm and is due to last around 20 minutes. Hammond has stated that no other major economy has two major fiscal set-piece events a year and “neither should we”.
He also added “If unexpected changes in the economy require it, then I will, of course, announce actions at the Spring Statement. But I won’t make significant changes twice a year just for the sake of it.”
I doubt this will have a significant impact on Sterling.
Single Market access for UK financial sector could be a point of contention
The key market mover will still be Brexit talks. The uncertainty surrounding single market access for the UK financial sector is probably one of the most significant point of the whole negotiation process. French Politician, Bruno Le Maire has stated that the UK will be forced to utilise a political mechanism know as equivalence. Equivalence gives countries outside the EU access to the single market for limited periods, when and whether they will have access is dictated by Brussels. Access can be revoked at any time.
May’s proposal for a mutual recognition situation with free single market access has been flatly denied. This does not bode well for the Pound.
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