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Tue, 21 Nov 2017 15:20:24 Z

The hardline Brexit camp does not trust Hammond - BBH

The hardline Brexit camp does not trust Hammond - BBH Skip to main content Follow us on: | FXStreet Blog |    Newsletter MENU Show navigation FXStreet FXStreet - The forex market Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads Contest Home RATES & CHARTS TOOLS Live Chart Trading Positions Forecast Poll Rates Table Technical Confluences ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD GBP/JPY EUR/JPY Dollar Index Gold Oil SP500 News LATEST FOREX NEWS Latest News Institutional Research LATEST NEWS BY ASSETS EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD USD/CAD USD/CHF EUR/GBP Dollar Index Commodities Bonds Equities Analysis EDITORIAL SELECTION EUR/USD GBP/USD USD/JPY AUD/USD USD/CAD Dollar Index Oil Gold Stocks Commodities Bonds Correlations Support and Resistance Elliott Wave Cycles Sentiment Economic Calendar TOOLS Economic Calendar Interest Rates Market Hours TOP EVENTS Nonfarm Payrolls Fed BoC ECB BoE SNB BoJ RBA RBNZ Live Video SECTIONS Shows Schedule Become Premium MOST POPULAR COACHES Ed Ponsi Giuseppe Basile Sarid Harper Alex Ong Sam Seiden Steve Ruffley Rob Colville Nenad Kerkez Gonçalo Moreira Navin Prithyani David Pegler Walter Peters Education Brokers SECTIONS Forex Brokers Broker News Broker Spreads Contest ; NEWS | 15:20 GMT The hardline Brexit camp does not trust Hammond - BBH By Eren Sengezer "The UK Chancellor of the Exchequer Hammond is set to deliver his first Autumn budget tomorrow, and it could be his last," BBH analysts argue. Key quotes The UK government is fragile.  Infighting is notorious.  It appears the hardline Brexit camp does not trust Hammond.  A cabinet reshuffle is widely rumored, and Hammond seems vulnerable. Prime Minister May, who also initially was in the Remain Camp, is said to regard Hammond suspiciously. Hammond is understood to be fiscally conservative, but he is hemmed in by the slowing economy, Brexit uncertainties, and a weak government.  His proposal in the spring to have small businesses pay more for National Insurance fell flat, and it was quickly retracted.  Another faux pas and his fate in the government could be sealed. The UK government is already on the hook for GBP500 mln for the next two years for Northern Ireland as the price of the Democrat Unionist Party that lends support to the Tory government that lost its majority.  The government is committed to lifting the 1% cap on the salaries of some public sector employees.  The ceiling on university tuition fees will be frozen next year, and the earnings limit before student debt needs to be repaid is expected to be increased.    While important for selected constituencies, the budget is expected to be small beer.  Projections of weaker productivity translate into weaker growth, which in turn weighs on revenues and gives the Chancellor little room to maneuver without boosting the deficit.   Last year was the first year since 2007 that the UK recorded a budget deficit less than 3% of GDP.   It is expected to be little changed this year.   The most important element of the budget is not about economics but politics.  Many observers see the budget as one of the last opportunities the Tory government has to bolster its support.  Reports suggest that as many as 40 Tory members of Parliament are prepared to sign a letter of no confidence in May, eight shy of the threshold to trigger a leadership challenge.  Given the difficult straits that any government would find itself, it may be a poisoned chalice.  Many investors fear that the only thing worse than the Tories would be a Labour government.     Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. RELATED TOPICS Brexit Politics Banks LATEST NEWS Filter by topic in News Results The hardline Brexit camp does not trust Hammond - BBH FXStreet | 15:20 GMT US: Existing-home sales increased in October to their strongest pace since early Summer FXStreet | 15:13 GMT USD/JPY hammered down to daily lows, 112.00 mark back on sight FXStreet | 15:05 GMT   United States Existing Home Sales (MoM) registered at 5.48M above expectations (5.43M) in October FXStreet | 15:02 GMT United States Existing Home Sales Change (MoM) above expectations (0.7%) in October: Actual (2%) FXStreet | 15:01 GMT Riksbank’s Jochnick: Inflation is close to forecasts FXStreet | 14:53 GMT   US stocks open with solid gains, Nasdaq hits fresh record high FXStreet | 14:47 GMT USD/CAD eases below 1.28 as DXY fails to hold above 94 FXStreet | 14:46 GMT USD/CAD neutral/bullish near term – Scotiabank FXStreet | 14:20 GMT   New Zealand GDT Price Index increased to -3.4% from previous -3.5% FXStreet | 14:18 GMT AUD/USD sticks to modest recovery gains near 0.7570 area FXStreet | 14:09 GMT Belgium Consumer Confidence Index down to 3 in November from previous 4 FXStreet | 14:01 GMT Norges Bank could hike next year – Danske Bank FXStreet | 14:00 GMT   United States Redbook index (MoM) increased to -0.7% in November 13 from previous -1.2% FXStreet | 13:57 GMT United States Redbook index (YoY) rose from previous 2.3% to 4.1% in November 13 FXStreet | 13:56 GMT AUD/USD scope for a test of 0.7475/80 – UOB FXStreet | 13:55 GMT Philly Fed: Regional nonmanufacturing activity continued to expand FXStreet | 13:49 GMT   EUR/USD drops to one-week lows, closer to 1.1700 handle FXStreet | 13:44 GMT WTI clings to gains above $56.00, API eyed FXStreet | 13:42 GMT Chicago Fed National Activity Index points to a pickup in economic growth in October FXStreet | 13:36 GMT Load More content ... ©2017 "FXStreet" All Rights Reserved FXStreet Blog Site Map Terms and conditions Contact us Advertise with us Languages Edition Spanish Italian Indonesian Portuguese Japanese Traditional Chinese Simplified Chinese Russian French Arabic Deutsch Hungarian Turkish Vietnamese Catalan Korean Disclaimer Note: All information on this page is subject to change. 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