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Europe’s New ‘Values’ – Austerity, Bloodletting, And Incompetence

Authored by Raul Ilargi Meijer via The Automatic Earth blog, Punxsutawney Phil Hammond, the UK chancellor, presented his Budget yesterday and declared five more years of austerity for Britain. As was to be expected. One doesn’t even have to go into the details of the Budget to understand that it is a dead end street […]


Brexit Budget – Grim Outlook As UK Economy Downgraded

Brexit budget – Grim outlook as UK economic forecasts downgrade – UK Chancellor uses housing market policy as smoke-screen for deteriorating economy– UK budget matters more than ever due to BREXIT risks– Policy on stamp duty will fail to aid worsening housing market– Real GDP expected to grow by just 1.5%, 40% less than projections 2 […]


Pound Slides, Then Rebounds, After Hammond Reveals Sharp Cuts To UK GDP Forecast

Update: after the GBP initially dropped on the lower GDP forecasts, it has since rallied after Hammond finished speaking , in what Citi said was a “relief rally” as there were no “banana skins and government safe. Relief trade here.” This was a risk event – while Budget Announcements are normally quite quiet affairs in […]


Budget Preview: Chancellor Philip Hammond’s Impossible Task To “Square The UK’s Circle”

At lunchtime today, Philip Hammond will give the weakened Conservative government’s first budget in the new parliament. Against a likely backdrop of downgrades for the economy from the OBR, the Chancellor will be under immense pressure to provide a sound plan going forward on many issues. As Statista's Martin Armstrong notes, the NHS has already had its […]


UK Cabinet Poised To Increase Brexit Divorce Payment By Another 20 Billion Euros

Theresa’s May’s government is poised to concede an improved Brexit settlement offer to gain EU approval to move the negotiations on to the next stage. May reportedly has the backing of senior ministers ahead of a critical cabinet meeting on Monday afternoon. The list of senior ministers is thought to include chancellor, Philip Hammond, Brexit […]


Frontrunning: November 20

Merkel faces worst political crisis of her career (FT) Europe Faces a Hamstrung Germany as Merkel’s Coalition Bid Fails (BBG) Merkel’s Failure Is Bad News for May (BBG) What’s Left For Noble Group Creditors: The Answer’s in Jamaica (BBG) Bitcoin’s White-Knuckle Ride Continues as It Dashes Past $8,000 (BBG) UK Preparing Enhanced Brexit Cash Offer […]


Pound Tumbles As Theresa May Faces Leadership Challenge Over Brexit Chaos

It might be a modest exaggeration it to say that Theresa May’s position as Prime Minister is doomed, but that is the general direction as the newsflow for the British PM remains overwhelmingly bad. Scandals aside, May seems to be falling into the growing gulf between Conservative MPs who are pushing more strongly for a […]


Frontrunning: November 10

Trump Declares New World-Trade Order (WSJ) Trump brings tough trade message in vision for Asia (Reuters) Trump Offers Trade to Asian Nations But Only If They Play Fair (BBG) Flynn Probed Over Alleged Plan to Send Back Turkish Cleric (WSJ) GOP’s Dueling Tax Overhauls Struggle to Pass a Key Red Ink Test (BBG) Trump’s CNN […]