“The pound slipped in reaction to Chancellor Philip Hammond’s long awaited budget..
from William Anderson Jones, Head of UK Corporate Dealing at RationalFX
The markets appear to have responded negatively to the Chancellor’s confirmation that the UK’s growth forecasts had been significantly downgraded from previous forecasts, highlighting the continuing impact from Brexit on the economy. Hammond’s promise of a further £3 billion set aside for Brexit preparation did little to bolster the currency, which edged lower against its peers before levelling out by the end of his speech.
Whilst the Chancellor’s plans for Stamp Duty is one of the major policies spotlighting the government’s attempts to ease the pressure on young people, it will be concerns over economics that investors will paying the most attention to. The budget has done little to raise optimism about the UK’s economic prospects, with forecasts suggesting better figures in the short term. Analysts will be watching the pound closely in the coming months as they look to see if the forecasts are proven true in future economic data, and any volatility that may result.”