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Hammond Rejects Major Investment Surge, Backs ‘Modest’ Projects

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Chancellor Philip Hammond played down expectations of a surge in public spending to offset the economic hit from the Brexit vote, but said he could fund modest infrastructure projects if needed.

Shortly after taking office in July, Hammond said he might ‘reset’ his predecessor’s plans to target a budget surplus by 2020, suggesting he could go big on spending to help Britain cope with the impact of June’s European Union referendum result.

But on Thursday, he signalled that any stimulus in the budget update he is due to announce on Nov. 23 is likely to be modest.

Reuters

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Craig Erlam

Craig Erlam

Former 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.
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