Hammond Rates UK Economy an ‘Eight out of 10’

Chancellor, Philip Hammond, scored the recent performance of the country’s economy at “eight out of 10” on Monday, buoyed by high employment and strong growth but he said it also faced long-term challenges.

“On the data we have seen for the first half of this year this economy is running at eight out of 10 with high employment, strong growth, robust fundamentals,” he told Sky News television on the sidelines of the Conservative Party conference.

“Of course we’ve got long-term challenges. We still have a poor productivity performance compared to many of our competitors and we run a huge balance of payments deficit … so these are things we have to address.”


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam