Budget November 2017.

Philip Hammond, the Chancellor of the Exchequer, delivered his first Autumn Budget today (last November he abolished the Autumn Statement and replaced it with an Autumn Budget and a Spring Statement).

While this Budget statement will no doubt grab media headlines, from a stock market standpoint this Budget, like many over the last few years, has little influence on UK equity markets. The only impact was on the share prices of residential house builders, which fell slightly following commitments to address the affordability problem faced by many young people. As a consequence, we don’t see the need to make any changes to the current portfolio positioning.

However, the lack of progress in Brexit negotiations and slowdown in economic growth did result in UK growth forecasts being downgraded by 0.5%, 0.2% and 0.4% for 2017, 2018 and 2019 respectively.

Ian Copelin, Investment Director

Links to websites external to those of Wealth at Work Limited (also referred to here as 'we', 'us', 'our' 'ours') will usually contain some content that is not written by us and over which we have no authority and which we do not endorse. Any hyperlinks or references to third party websites are provided for your convenience only. Therefore please be aware that we do not accept responsibility for the content of any third party site(s) except content that is specifically attributed to us or our employees and where we are the authors of such content. Further, we accept no responsibility for any malicious codes (or their consequences) of external sites. Nor do we endorse any organisation or publication to which we link and make no representations about them.

The latest news is brought to you by WEALTH at work*, a specialist provider of financial education and guidance in the workplace.

*WEALTH at work and my wealth are trading names of Wealth at Work Limited which is a member of the Wealth at Work group of companies.