- In his budget presentation before parliament, Chancellor Philip Hammond says the government expects just 1.4% GDP growth next year vs. 1.6% previously guessed at. 2019 is now seen at 1.3% vs. 1.7% previously, and 2020 at 1.3% vs. 1.9%. Just for laughs, the government tosses out a 2021 estimate of 1.5% vs. 2.0% previously.
- 2017 GDP growth is now expected to be 1.5% vs. 2% previously.
- Punters are selling sterling (NYSEARCA:FXB) following the news. Higher earlier in the session, the British unit is now down 0.1%.
- The FTSE 100 is ahead 0.5%.
- ETFs: FXB, EWU, GBB, DBUK, FKU, EWUS, DXPS, HEWU, QGBR
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Cable turns lower as U.K. government slashes growth outlook
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