The Budget - motherhood and apple pie (in small doses)

Yesterdays budget was politically reasonably astute, while being economically very modestly stimulatory. In our view their is modest upside potential for UK GDP estimates in 2020 and 21 with the outlook for the consumer, in particular, improving. The underlying implications for capital markets are pretty modest but the Chancellor retains firepower of perhaps between 0.7-1% GDP for further fiscal stimulus if required. If you would like a copy of the note please contact us.