Did Hammond Break a 2015 Election Promise?

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.


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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
Craig Erlam

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