Hammond Silences Critics For Now

A grim Brexit budget that slashed growth forecasts but gave young voters a tax break on buying their first property may have placated critics of British finance minister Philip Hammond, at least for now.Hammond was under intense pressure from within his own Conservative Party to spend money Britain doesn’t have on courting voters, though he is boxed in by uncertainty over the impact of Britain’s March 2019 exit from the European Union.Despite outlining a sombre outlook for economic growth and government borrowing, Hammond announced some spending steps aimed at winning back voters, in particular abolishing a property tax for most first-time home-buyers.

Source: With a grim Brexit budget, British finance minister Hammond hushes critics for now – Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
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 Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. 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.