Hammond Rejects Major Investment Surge, Backs ‘Modest’ Projects

Chancellor Philip Hammond played down expectations of a surge in public spending to offset the economic hit from the Brexit vote, but said he could fund modest infrastructure projects if needed.

Shortly after taking office in July, Hammond said he might ‘reset’ his predecessor’s plans to target a budget surplus by 2020, suggesting he could go big on spending to help Britain cope with the impact of June’s European Union referendum result.

But on Thursday, he signalled that any stimulus in the budget update he is due to announce on Nov. 23 is likely to be modest.

Reuters

USD/CAD Canadian Dollar Lower for Second Straight Day Awaits Employment Data

XAU/USD – Gold Dips as US Jobless Claims Shine

UK July Construction Output Bucks Expectations for Post-Brexit Fall

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.