No Major Spending Plans in UK Budget

Britain’s first budget plan since the Brexit vote will not include a big new spending push because of “eye-wateringly” high public debt levels, but will have some help for the economy and struggling families, the country’s Chancellor said.

Philip Hammond, who will spell out the economic priorities of the new government on Wednesday, said on Sunday he wanted to keep some fiscal “head-room” as two years of difficult negotiations about leaving the European Union approach.

“Over the next couple of years we are going to face some uncertainty over the economy,” he said in an interview with BBC television on Sunday.

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.