UK growth upgraded in Spring Budget

The UK's 2017 Growth forecast has been upgraded from 1.4% to 2% as Philip Hammond delivered the Spring Budget today. Forecasts for 2018 to 2019 have been cut marginally, however, yet the prediction for 2% growth in 2021 still stands. Other key points included an accelerated reduction in net public borrowing, particularly for the current financial year, and a rise in National Insurance contributions that will hit the self-employed, potentially raising significant revenues for the Tax Office. Sterling, which depreciated in the today's run-up to the Budget, has failed to recover fully and stands around 0.18% lower against the US Dollar and 0.14% down against the Euro at the time of writing. UK equity markets remained upbeat on the prospects and notched a 0.16% move up on the announcement. UK government debt began to see some weakness as prices sold off over 4%.