Hammond Planning No Surprises in Next Week’s Budget

Chancellor Philip Hammond is likely to announce a “steady as she goes” budget plan next week without big tax or spending surprises, and he will avoid setting a firm target for turning the budget deficit into a surplus, a lawmaker said.

Stephen Hammond, who is a friend of the minister and a member of his Conservative party but is not related to him, told the BBC that Philip Hammond would not announce on Wednesday a big increase in spending to help the economy during the uncertainty caused by June’s vote to leave the European Union.

“Anyone who thinks Philip Hammond is going to be Keynes I think has probably misunderstood his economic philosophy,” Stephen Hammond said, referring to the economist John Maynard Keynes, who argued that aggressive public spending was the best way to fight economic downturns.

Reuters

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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.
Craig Erlam

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