U.K. Chancellor of the Exchequer Philip Hammond’s budget, short on surprises or giveaways, has one clear takeaway: the government looks set to resist growing pressure for an early election.
Hammond increased taxes on the self-employed, prompting accusations of breaking one of his party’s key election pledges. The increase affects almost 2.5 million people, according to the Treasury, including groups that are traditional Conservative supporters. His budget overall set a cautious tone, choosing to save rather than spend the benefits of faster growth as the country prepares for Brexit talks.
“Think we can rule out a snap election,” Rupert Harrison, a former aide to Hammond’s predecessor, George Osborne, and now chief macro strategist at BlackRock Inc., said on Twitter.