Budget 2018 reaction: Impact of 'potentially disruptive Brexit' key takeaway

Additional £2bn for Brexit preparations

Jayna Rana
clock • 3 min read

Negative Brexit developments were the main talking point following today's Budget, although industry commentators remained relatively sanguine on the Chancellor of the Exchequer's speech.

Following Chancellor Philip Hammond's speech today (29 October) Silvia Dall'Angelo, senior economist at Hermes Investment Management, noted the Chancellor "pointed to the constraints of a potentially disruptive Brexit next year." He said: "While he still thinks negative Brexit developments bear a low probability, he earmarked an additional £2bn for Brexit preparations and said that he would retain the £15bn (around 0.7% GDP) rainy day fund in order to deploy it in a no-deal scenario, if needed." Budget 2018: Hammond targets tech giants with digital services tax Focusing on the bond...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Partner Insight: Why high-yield investors should keep a close eye on the default cycle

Partner Insight: Why high-yield investors should keep a close eye on the default cycle

Alex King, CFA, Investment Strategy Analyst @ Wellington Management
clock 19 February 2024 • 5 min read
Partner Insight: Navigating new opportunities in commodities

Partner Insight: Navigating new opportunities in commodities

A unique investment opportunity is in the making as we move from the coal and oil-centred story of the last century to the renewable, clean energy chapter of the future. Watch the discussion to learn more.

Sarka Halas
clock 15 February 2024 • 1 min read
'The recession that did not happen': How investors should be positioned for 2024

'The recession that did not happen': How investors should be positioned for 2024

Wellington co-head of investment strategy

Natasha Brook-Walters
clock 06 February 2024 • 4 min read
Trustpilot