UK: No major changes coming in spring fiscal statement - TDS

Analysts at TD Securities point out that the UK Chancellor Hammond has hinted that Wednesday's fiscal update is unlikely to contain any major changes to fiscal policy.

Key Quotes

“Brexit will dominate, with promises of spending should MPs approve a deal.”

“We expect the OBR to downgrade 2019 growth to 1.2%, and little change to future years. Fiscal revenues have significantly exceeded forecasts and YTD borrowing figures are well below November estimates. Some of this will be persistent. We see £15bn less borrowing over the next 5 years.”