Market comment - Forecast favours Phil

Davy Research
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Today’s UK spring statement will be something of a non-event, replacing the traditional Budget statement with a mid-year fiscal review ahead of the main event in the autumn. Nonetheless, Chancellor Philip Hammond should have good news to reveal on the public finances, with borrowing well below autumn 2017 expectations and debt finally falling as a percentage of GDP. Nonetheless, the cautious Chancellor is not expected to announce any major policy changes and is likely to bank most of the gains from lower borrowing forecasts.