how have the markets responded to the
autumn statement which gave us slower
growth forecasts from around 2.2 to
one-point-four percent next year higher
borrowing costs of 120 billion pounds
more than planned and the cost of brexit
on public finances UK Chancellor Philip
Hammond as expected made higher
borrowing and more infrastructure
spending the centerpiece of his
statement in a climate of rising bond
yields globally it was to be expected
that UK gilts would climb and the
10-year yield was up about 10 basis
points two levels last at in May as the
UK borrows more to cover the cost of
brexit the infrastructure package
frankly looked a bit modest 23 billion
over five years the overall sense of the
market is the nothing was really said to
alter investors view that the UK is in
quite a bind because of brexit the pound
well that didn't really do much during
the speech it was being sold off at the
start of the week but that was because
of the dollar strengthened that resumed
on Wednesday afternoon although the
pound did strengthened against the euro
and there was little action in the
footsie 100 or the footsie 250 they were
down marginally but as ever there were
winners and losers within them estate
agent shells shares fell because of the
ban on letting fees while those likely
to benefit from interest structure
infrastructure spending on transport and
construction did well overall a market
response that it was a bit disappointing
but at least investors have a bit more
reality about the economic impact a
brexit