Analysts at Rabobank suggest that after having moved his main budget to the autumn, the UK Chancellor of the Exchequer is expected to keep his spring statement short.
“Hammond is likely to be on his feet for no more than 20 minutes and the focus is set to remain on the need to reduce government debt, which stands at a worrying 86.5% of GDP in the UK. That said, the UK’s budget deficit has shrunk by more than expected over the past year on the back of stronger growth and this has supported calls for more funding for the National Health Service and for defence. In response Hammond has signalled that there will be no tax or spending announcements today and instead he will only be offering signals regarding the areas which he wants to consult on ahead of the Budget later in the year.”
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