Budget comment: Charles Stanley

by | Oct 29, 2018

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Jon Cunliffe, CIO

  • The Chancellor talked ambitiously but the big decisions will take place at the Comprehensive Spending Review next year.
  • The Chancellor’s outlook for real wage growth for next five years was an interesting upgrade in growth forecasts, given that global growth forecasts have been coming down.

Garry White, chief investment commentator

  • Extra £1bn to MoD could be good for BAE and Babcock – Garry White


  • Jon Cunliffe:  Government will abolish the use of PFI for future projects – will affect the investment pipeline for UK infrastructure investment trusts
  • Garry White: A sharp sigh of relief at 3i infrastructure, HICL etc will be pleased to see PFI commitments maintained

Digital tax

  • Garry White: UK digital services tax proposed from 2020 – targeting global giants such as Amazon and Google.


  • Garry White: The budget hasn’t brought any huge changes and was uninspiring.  Austerity is not over until the Spending Review and it is all dependent on the Brexit deal that emerges.  There might be another Budget before Xmas if Brexit negotiations fall through.

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