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Autumn Statement ‘a budget for the worst off in society’ says Oanda’s Craig Erlam

Wednesday, November 23, 2016 9:09
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Craig Erlam, senior market analyst at Oanda, caught up with Proactive Investors following the announcement of Chancellor Philip Hammond’s Autumn Statement.

”Ultimately I think he is cautious and he is preparing us to an extent for the worst, but I think he will have been a relieved man going in there today because I think 2, 3 months ago I think the task for the Autumn budget may have looked a lot more daunting.”

Erlam went on to say: ”The economy has shown much more resilience since the Brexit vote – we haven’t seen the deterioration in the economic data at least yet that many were forecasting. So think  he’ll have seen today as a much easier job than he otherwise thought he was going to have”.

”What he’s done today is announce a few measures to appease people but ultimately he’s saved the much bolder changes for the future when the economy does start to show signs of Brexit having that negative impact that many people expected to come”.

”From a business perspective its corporation tax – that’s all businesses really want to hear about right now. We’ve seen corporation tax falling in the UK for some time now. The fact they’ve committed to bringing that down to 17% is of course a major highlight”, Erlam said.

Story by ProactiveInvestors

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