Hammond says UK economy fundamentally robust but has “cloud of uncertainty”

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UK finance minister Hammond being quizzed by lawmakers 11 Oct

  • IMF growth f/casts reflects how we are being affected by Brexit uncertainty
  • have to be prepared for a no-deal outcome even though that is not our preferred position
  • will make allocations but won’t be spending taxpayers money until the outcome is known
  • uncertainty needs to be removed asap
  • need to determine what is a realistic worst case scenario that we can plan for

Hammond has been quite vocal lately about refusing to budget yet for a no-deal decision. We will learn more in his November budget statement.

The Treasury Select Committee currently firing off a range  of questions and Hammond will be grilled for a while yet.

  • UK has fundamental problem with productivity
  • looking at different path to productivity growth
That’s in response to the OBR report I posted yesterday that cut productivity growth f/casts.
Watch the TSC session live here (Please, and save my typing fingers !)

GBPUSD 1.3197 after a dip from 1.3210 with EURGBP down to 0.8960 again as EURUSD fails into 1.1850

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