Global Macro Service > Research Briefings > United Kingdom

Some fiscal sunshine through the Brexit clouds

Given current political turmoil, the Chancellor benefited from low expectations in the run up to today’s Spring Statement. In practice, a downgrade to GDP growth this year didn’t prevent the OBR’s latest fiscal forecast numbers from delivering some pleasant reading for Mr Hammond.

That said, consistent with the technical nature of spring’s fiscal event, the Chancellor chose to hold fire on ‘giveaways’. But he did dangle their possibility in the next Budget, if Brexit proves ‘orderly’. So another, if marginal, reason to think that the Government will ultimately get its Brexit deal through Parliament.

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