Philip Hammond expected to deliver an "upbeat" Spring Budget
The Chancellor will outline plans on how Britain will tackle the post-Brexit uncertainties
by Abi Moses on 8th March, 2017
The Chancellor, Philip Hammond is expected to deliver an upbeat Budget when he announces his Spring Budget later today.
The Budget is expected to be dominated by Brexit and how the Government plans to deal with the pending departure from the European Union.
Mr Hammond will announce a multi-billion pound war-chest aimed at handling "times of uncertainty" during the Brexit negotiations. The British Government have been given a major boost following news that the referendum has had less of an impact on the British economy than it had previously anticipated.
Unemployment has dipped as The Chancellor remarked "We are building the foundations of a stronger, fairer, more global Britain. Resilience in the economy is reflected in a strong labour market. This positive trend is set to continue over the forecast period."
The Organisation for Economic Co-operation and Development (OECD) has revised its 2017 growth forecast in the UK after a resilient response to the referendum decision. Hammond will tell Parliament that "a strong economy is built on resilience. Not shirking the difficult decisions on tax and spending, while still investing in Britain's future."
Brexit is the key factor for a disappointing rise in 2018 forecast by the OECD. Aside from Japan and Italy, growth forecasts of 1% is lower than all other G7 members. The OECD's report states, "UK growth is expected to ease further as rising inflation weighs on real incomes and consumption, and business investment weakens amidst uncertainty about the United Kingdom’s future trading relations with its partners."
Prime Minister, Teresa May, has been given another hurdle to overcome over plans to trigger Article 50. Despite House of Commons approval, the House of Lords has voted against the Government's Bill. The PM will now have to give Parliament the final say before officially withdrawing the UK from the EU.
Any major announcements during the Budget are likely to have an impact on the Pound on the Foreign Exchange, you can Spread Bet on Sterling against all global currencies. Sign up to one of the Spread Betting partners today.
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