Chancellor attempts to strike cautiously upbeat tone but OBR warns of extra borrowing over next five years Philip Hammond conceded that Brexit will blow a £59bn black hole in the public finances over the next five years, as he outlined plans to boost investment in infrastructure and housing to equip ...
Heather Stewart, Rowena Mason / Guardian | Wed, 23 Nov 2016 20:39:09
The key points from Philip Hammond's first Autumn Statement
FT | Wed, 23 Nov 2016 19:58:51
A dysfunctional economy meant the chancellor, Philip Hammond, largely dispensed with political theatre Philip Hammond's first and last autumn statement was a sombre affair. The chancellor largely dispensed with political theatre to tell it straight. Britain's economy is dysfunctional. Austerity has failed. Welfare cuts are going to bite. Brexit will ...
Larry Elliott Economics editor / Guardian | Wed, 23 Nov 2016 19:47:36
Forecaster says weak business investment and rising inflation will affect economy but Britain will dodge recession Weaker business spending and a squeeze on consumers from higher inflation will dent the UK economy next year, but warnings for a post-referendum recession should prove unfounded, according to the government's independent forecasters. The ...
Katie Allen / Guardian | Wed, 23 Nov 2016 19:14:25
Britain has ramped up its borrowing outlook by much more than expected after forecasters said its vote to leave the European Union would hurt the economy, giving the government only a little room to ease looming pressure on households and firms. Finance minister Philip Hammond said June's referendum result made ...
Reuters / South China Morning Post | Wed, 23 Nov 2016 19:10:30
Trade and Brexit departments and Foreign Office to receive funds amid criticism that Whitehall is understaffed and 'cannot cope' Philip Hammond has set aside up to £412m of additional funding to help Whitehall deal with leaving the European Union following criticisms that the civil service cannot cope with Brexit. The ...
Rajeev Syal / Guardian | Wed, 23 Nov 2016 18:48:47
The absence of ideology and gimmickry in the chancellor's debut is encouraging
FT | Wed, 23 Nov 2016 18:46:49
The vote to leave the EU has left a black hole in the UK's finances that Philip Hammond must urgently address The autumn statement is one of two set-piece occasions when the chancellor has the opportunity to set out his view of what is happening in the economy and where ...
Alistair Darling / Guardian | Wed, 23 Nov 2016 18:42:28
Rolling coverage and analysis as chancellor Philip Hammond presents his first autumn statement OBR forecasts don't include 'bumpy Brexit' Borrowing will be £122bn larger than planned... ...including £58bn Brexit hit McDonnell: Long-term economic plan has failed Hammond gives autumn statement: highlights start here Tell us how Hammond's statement affects you ...
Andrew Sparrow and Graeme Wearden / Guardian | Wed, 23 Nov 2016 18:33:36
In his first Autumn Statement, the chancellor of the Exchequer, Philip Hammond, laid out plans for helping those who are “just about managing.”
STEPHEN CASTLE / NY Times | Wed, 23 Nov 2016 18:11:12
Online trading company fails to capitalise on volatility that followed Brexit vote
FT | Wed, 23 Nov 2016 17:45:43
Funds will be used on investment projects amid deterioration in public finances
FT | Wed, 23 Nov 2016 17:28:04
Business groups are disappointed by failure to tackle business rates issues and lack of support following the vote for Brexit Investment in broadband, infrastructure and exporting, including a £23bn national productivity investment fund, were among the chancellor's announcements to boost business. Delivering his autumn statement Philip Hammond said: "My priority ...
Emma Sheppard, Emma Featherstone and Claire Burke / Guardian | Wed, 23 Nov 2016 16:46:52
LONDON - The pound is pushing into positive territory after chancellor Philip Hammond delivered the government's first major economic update since Brexit - the Autumn Statement. As of 4.30 p.m. GMT (11.30 a.m. ET), sterling is trading higher by around 0.05%, breaking back above the $1.24 mark. Sterling traded lower ...
Business Insider | Wed, 23 Nov 2016 16:32:00
New chancellor faces up to the UK's deep-seated economic weaknesses now left exposed by the Brexit vote Philip Hammond's message was stark and clear. The result of the EU referendum in June means the economy has arrived at a reality checkpoint. Deep-seated weaknesses will be exposed as the government negotiates ...
Larry Elliott Economics editor / Guardian | Wed, 23 Nov 2016 16:17:10
The Brexit vote stunned markets in June, and Donald Trump shocked investors in November. The Italians may be next.
CNBC | Wed, 23 Nov 2016 16:07:00
Fall in lenders' shares after Brexit vote prompts watchdog to revise costs
FT | Wed, 23 Nov 2016 15:35:30
FT | Wed, 23 Nov 2016 15:18:28
A judge sentenced an unemployed gardener to life in prison for murdering British lawmaker Jo Cox in the days before the Brexit referendum.
WSJ | Wed, 23 Nov 2016 15:16:46
Britain's finance minister Philip Hammond made the announcement Wednesday during his Autumn Statement financial report.
USA Today | Wed, 23 Nov 2016 15:06:35
The U.K. economy will grow more slowly over the next few years than was forecast before the country voted to leave the European Union, Treasury chief Philip Hammond said.
WSJ | Wed, 23 Nov 2016 14:46:33
Philip Hammond, chancellor of the exchequer, has delivered Britain's first major economic statement since the Brexit vote in June. Here our panellists give their take on what it means for the UK economy. Stay tuned for further updates, and follow @ConversationUK on Twitter. The economy Geraint Johnes, Professor of Economics, ...
Michael White, Director, Real Estate Economics and Investment Research Group, Nottingham Trent University / The Conversation | Wed, 23 Nov 2016 14:39:15
How will the autumn statement change Britain? Our panel's views | Matthew d'Ancona, Martin Kettle, and Gaby Hinsliff
Our writers give their reaction to chancellor Philip Hammond's first autumn statement Related: Autumn Statement 2016: Hammond unveils £122bn Brexit black hole - live Related: Key points of the autumn statement - at a glance Related: Philip Hammond admits Brexit vote means £122bn extra borrowing Continue reading...
Matthew d'Ancona, Martin Kettle, and Gaby Hinsliff / Guardian | Wed, 23 Nov 2016 14:34:06
Growth in the UK looks set to drop in 2017
euronews | Wed, 23 Nov 2016 13:59:57
Chancellor delays plans to balance books in autumn statement as he unveils investment in rail, telecoms and housing Philip Hammond has admitted the Brexit vote's blow to the economy would force the government to borrow £122bn more than hoped as he pushed back government plans to balance the books in ...
Katie Allen / Guardian | Wed, 23 Nov 2016 13:36:07
Philip Hammond says forecasts point to higher borrowing and slower growth ahead for the UK.
BBC | Wed, 23 Nov 2016 13:22:24
Phillip Hammond, Chancellor of the Exchequer, said in the Autumn Budget Statement that the UK has shown signs of resilience since the Brexit vote late
Pablo Piovano / FX Street | Wed, 23 Nov 2016 13:08:57
CNN | Wed, 23 Nov 2016 13:07:50
Brexit will reduce the growth of the U.K. by 2.4 percent over the next five years according to the OBR.
CNBC | Wed, 23 Nov 2016 13:05:00
LONDON, Nov 23 (Reuters) - Britain has cut its official forecasts for economic growth for the next two years, finance minister Philip Hammond said on Wednesday, as he delivered the country's first...
Reuters | Wed, 23 Nov 2016 13:03:49
Matthias Wissmann's comments come amid growing frustration on continent at government's refusal to reveal strategy The head of the German car industry has added his voice to a growing chorus of demands from Europe for the UK government to urgently clarify its Brexit objectives. Matthias Wissmann, the president of the ...
Jon Henley European affairs correspondent / Guardian | Wed, 23 Nov 2016 13:02:28
Finance Minister Philip Hammond says GDP will grow by 1.4 per cent in 2017, down from an estimate of 2.2 per cent made in March, before June's Brexit vote
Globe and Mail | Wed, 23 Nov 2016 12:52:36
The UK's vote for Brexit, Donald Trump's US election win and a slowdown in Chinese economic growth are combining to create significant risks for the global banking sector, a leading ratings agency warned on Wednesday.
Here Is The City | Wed, 23 Nov 2016 12:52:25
LONDON, Nov 23 (Reuters) - Britain has cut its official forecasts for economic growth for the next two years, finance minister Philip Hammond said on Wednesday as he delivered the country's first...
Reuters | Wed, 23 Nov 2016 12:46:51
Chancellor targets living standards in budget debut as growth slows
FT | Wed, 23 Nov 2016 12:38:10
CNN | Wed, 23 Nov 2016 12:34:43
Economic performance since vote to leave EU shows pessimism is misplaced, conference told
FT | Wed, 23 Nov 2016 12:21:00
Leading ratings agency warns that US president-elect's policies represent a 'wildcard' that could affect financial sector The UK's vote for Brexit, Donald Trump's US election win and a slowdown in Chinese economic growth are combining to create significant risks for the global banking sector, a leading ratings agency warned on ...
Jill Treanor / Guardian | Wed, 23 Nov 2016 12:17:28
The European Union is shaking up its banking rules and it is not good news for the City. The EU proposed rules that are aimed at making local subsidiaries of foreign banks in European countries stronger and safer. However, the result will make those units more expensive to run. That ...
Business Insider | Wed, 23 Nov 2016 11:32:27
There may be some festive cheer for the UK's retail sector after all this Christmas following the Brexit vote, reckons Liberum, which has outlined its top company picks. The result on June 23 has impacted retail firms in three main ways - foreign exchange movements, consumer confidence, and company share ...
Proactive Investors | Wed, 23 Nov 2016 11:24:00
LONDON (AP) - Britain will have less money, more debt and a slower economy in coming years as it grapples with uncertainty over leaving the European Union, the Treasury chief said Wednesday in his first budget update since the 'Brexit' vote.
Associated Press | Wed, 23 Nov 2016 11:08:00
The UK economy has dealt with the uncertainty of the EU referendum better than anticipated, according to Kristin Forbes, a member of the Bank of England's monetary policy committee. In general, uncertainty is "dragging less on growth than has traditionally occurred," Forbes said in a speech on Wednesday. Other than ...
Business Insider | Wed, 23 Nov 2016 10:53:12
LONDON - The pound is sliding on Wednesday as markets await the Autumn Statement, the government's first major economic update since Brexit, and the first with Theresa May as prime minister and Philip Hammond as chancellor. Around 10.30 a.m. GMT (5.30 a.m. ET) sterling is trading lower by roughly 0.35% ...
Business Insider | Wed, 23 Nov 2016 10:42:09
Political and economic uncertainty before and after Britain's vote to leave the European Union has proved to be less of a drag on economic growth than might have been expected, Bank of England policymaker Kristin Forbes said on Wednesday. Forbes - who voted against restarting government bond purchases in August ...
OANDA | Wed, 23 Nov 2016 10:25:35
We have two predictions today from Justin King, the ex-Sainsbury's chief executive. One is that food prices are going to rise by some 5% as a result of Brexit and the subsequent fall in the pound. The other is that there's going to be the collapse of one of the ...
Tim Worstall, Contributor / Forbes | Wed, 23 Nov 2016 10:03:00
In his first Autumn Statement, the chancellor of the Exchequer, Philip Hammond, seems likely to lay out plans for helping those who are “just about managing.”
STEPHEN CASTLE / NY Times | Wed, 23 Nov 2016 09:54:43
CNN | Wed, 23 Nov 2016 09:20:43
Travel company seeks to reassure investors after year of terrorist attacks in Europe and falling pound after Brexit vote Thomas Cook will pay a dividend to shareholders for the first time in five years as it seeks to draw a line under a year blighted by terrorism attacks in Europe ...
Angela Monaghan / Guardian | Wed, 23 Nov 2016 09:20:21
Research Team at ING, suggests that far from the massive fiscal stimulus once considered in the direct aftermath of Brexit, today's UK Autumn Statemen
Sandeep Kanihama / FX Street | Wed, 23 Nov 2016 09:10:55
Bank of England (BOE) policymaker Kristin Forbes crossed the wires last minutes, via Reuters, making a scheduled speech at the JP Morgan Cazenove "Bes
Dhwani Mehta / FX Street | Wed, 23 Nov 2016 09:09:32
It's been five months since Britain took a leap into the unknown and voted to leave the European Union. How's it going?
CNN | Wed, 23 Nov 2016 09:01:32
It's been five months since Britain took a leap into the unknown and voted to leave the European Union. How's it going?
CNN | Wed, 23 Nov 2016 08:42:38
Rolling coverage and analysis as chancellor Philip Hammond presents his first autumn statement Autumn statement: Hammond set to unveil giveaways and gloomy forecasts Five key charts you need to see before the autumn statement 2016 8.10am GMT Something odd happened in Westminster yesterday. At around 1pm political journalists started getting ...
Andrew Sparrow and Graeme Wearden / Guardian | Wed, 23 Nov 2016 08:12:24
Good morning! Here's what you need to know on Wednesday. It's Autumn Statement day. At 12.30 p.m. GMT (7.30 a.m. ET) Chancellor Philip Hammond will deliver the government's first major update on economic and fiscal policy since taking power, and importantly since the Brexit vote. Hammond is expected to announce ...
Business Insider | Wed, 23 Nov 2016 06:56:40
Here's what to expect from the Autumn Statement - the government's first major economic update since Brexit
LONDON - Chancellor Philip Hammond will give the government's first major update on economic policy since Britain voted for Brexit when he delivers the Autumn Statement, later on Wednesday. A set piece in the parliamentary calendar, the Autumn Statement is generally used by governments to provide an incremental update on ...
Business Insider | Wed, 23 Nov 2016 06:45:00
The government is urged to clarify its Brexit policy by the head of the German motor industry body.
BBC | Wed, 23 Nov 2016 04:59:17
Hans Timmer, World Bank's chief economist for Europe and central Asia, in an interview with Bloomberg, noted that the Brexit is not going to benefit t
Dhwani Mehta / FX Street | Wed, 23 Nov 2016 04:34:54
European Parliament officials told London's Brexit negotiator not expect special favors once it leaves the EU.
CNBC | Wed, 23 Nov 2016 00:56:00
Asia's emerging markets sold off after Trump's win, but the region's property investments may benefit, Colliers said.
CNBC | Wed, 23 Nov 2016 00:52:00
As a wealth manager, more than a few things keep me up at night, including what the election of Donald Trump means for the markets, the country's economy and how Brexit will ultimately unfold. Perhaps my biggest worry continues to be that investors - both on the retail and institutional ...
Steven Dudash, Contributor / Forbes | Tue, 22 Nov 2016 20:09:00
Currently, GBP/USD is trading at 1.2396, down -0.78% on the day, having posted a daily high at 1.2515 and low at 1.2384. GBP/USD is making hard work
Ross J Burland / FX Street | Tue, 22 Nov 2016 19:43:44
Analysts at Scotiabank explained that Sterling is under-performing even though UK data reports (public finances and CBI industrial orders data) were a
Ross J Burland / FX Street | Tue, 22 Nov 2016 19:00:38
Move marks step change in price war between German discounters and UK's big four supermarkets Discount chains Aldi and Lidl have begun putting up the price of basic groceries, including milk and bananas, as the squeeze from the Brexit-driven fall in the value of the pound hits home. The two ...
Sarah Butler / Guardian | Tue, 22 Nov 2016 18:55:10
British government unlikely to hit this year's deficit target despite cutting October's borrowing by 25% to £4.8bn Dow breaks 19,000 as Wall Street hits new highs Long-term pessimism about Brexit grows UK public finances better than expected in October... But deficit on track to breach £55bn target for this year ...
until 2.45 / Guardian | Tue, 22 Nov 2016 17:48:42
Regulatory fragmentation presents risk to City of London even before negotiations begin
FT | Tue, 22 Nov 2016 17:43:21
Sterling has better November but sudden moves become a growing feature
FT | Tue, 22 Nov 2016 17:04:50
Unions fear hundreds of jobs are at risk as heavy machinery rental business goes into administration Unions fear hundreds of jobs are at risk after administrators were called into plant hire group Hewden, which has blamed uncertainty caused by Brexit for its financial predicament. Accountants EY immediately made 251 of ...
Jill Treanor / Guardian | Tue, 22 Nov 2016 16:52:46
Ireland lacks specialised supervisors for risky trade- source. *Bank bailout in 2008 cost Ireland 40 pct of GDP. LONDON/ DUBLIN, Nov 22- Ireland has signalled to several large investment banks it would be reluctant to host large trading operations, banking sources told Reuters, despite Dublin's desire to attract financial sector ...
CNBC | Tue, 22 Nov 2016 16:02:00
Telegraph | Tue, 22 Nov 2016 15:52:43
Michael O'Leary attacks British ministers over their 'mildly lunatic optimism' and acting 'like Dad's Army' in EU talks Political deadlock over Brexit could halt flights between the UK and Europe, according to the founder of Ryanair, who warned that Britain's aviation industry is being "walked off a cliff" by the ...
Gwyn Topham Transport correspondent / Guardian | Tue, 22 Nov 2016 15:35:52
The consensus view is that the outlook for the UK public finances has deteriorated significantly since the Brexit vote. Rising nominal GDP growth, however, is supporting central government receipts, suggesting only a modest overshoot of the Office for Budget Responsibility's March forecast of net borrowing of £55.5 billion in 2016-17. ...
Money Moves Markets | Tue, 22 Nov 2016 14:29:56
How has the economy reacted to the vote to leave the EU on 23 June? Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK Continue reading...
Katie Allen and Paul Scruton / Guardian | Tue, 22 Nov 2016 13:30:25
Latest monthly Guardian analysis of data points to post-referendum economy holding up well. But will it last for 2017? • Help fund our journalism by becoming a Guardian supporter The chancellor, Philip Hammond, has been given a boost ahead of his maiden autumn statement by a Guardian analysis showing the ...
Katie Allen / Guardian | Tue, 22 Nov 2016 13:30:21
Two ex-members of the Bank of England interest rate-setting committee discuss what lies in store after the EU referendum David Blanchflower, professor of economics at Dartmouth College, New Hampshire, and former member of the Bank of England's monetary policy committee (MPC) from June 2006 to May 2009 The UK economy ...
Guardian Staff / Guardian | Tue, 22 Nov 2016 13:30:17
What do you want out of this divorce?
euronews | Tue, 22 Nov 2016 13:10:36
Chancellor will set out plans for taxes, spending and borrowing as Brexit looms
FT | Tue, 22 Nov 2016 13:03:42
U.K.'s May has chosen to "say nothing" on Brexit to avoid upsetting certain cabinet members, said Scotland's Minister
CNBC | Tue, 22 Nov 2016 12:24:00
In his latest surprising tweet on Monday evening, Donald Trump revealed an unprecedented expression of support for Brexit campaigner Nigel Farage - whom he met after his election victory before any other EU leaders - to be made British ambassador to Washington, saying "many people would like to see Nigel ...
Zero Hedge | Tue, 22 Nov 2016 12:21:01
CBI says fall in sterling since Brexit vote is pushing up cost of materials, with factory gate prices rising at fastest for two years Britain's factories are poised to raise both output and prices over the coming months as they continue to adjust to the impact of the EU referendum ...
Larry Elliott Economics editor / Guardian | Tue, 22 Nov 2016 12:16:56
Company says plunge in sterling after EU vote will raise food and drink costs Mitchells & Butlers has warned of problems ahead as the pubs group reported a dip in full year revenues and profits. The Harvester and All Bar One owner said like for like sales fell 0.8% although ...
Nick Fletcher / Guardian | Tue, 22 Nov 2016 12:12:13
The autumn statement shows every sign of reflecting his approach to the job, but behind the bland exterior lie strong views Philip Hammond is the Brexit chancellor. Just as Alistair Darling was the Northern Rock chancellor, Stafford Cripps the austerity chancellor and Norman Lamont the Black Wednesday chancellor. He may ...
Heather Stewart Political editor / Guardian | Tue, 22 Nov 2016 11:44:56