UK finance minister Hammond commenting in a speech with IMF head Christine Lagarde
- Public debt is still too high, welcomes IMF endorsement on fiscal plan
- We are now well on the way to delivering a Brexit that protects jobs and prosperity
- Imperative that we move on with discussions to ensure smooth and orderly withdrawal from EU
- Progress on delivering certainty over Brexit would be one of the biggest boosts to the economy
- Transition agreement should replicate existing single market and customs union with EU
Some comments on Brexit by Hammond - just a general one, nothing substantial. Meanwhile, here are Lagarde's comments:
- Brexit vote already affecting UK economy
- UK growth has slowed notably since start of the year
- Businesses delaying investment until they have greater clarity about post-Brexit trade rules
- The more uncertainty there is about Brexit, the greater the risk to UK's growth
- Reduction of UK budget deficit is needed to create room to respond to future shocks
- Faster BOE rate tightening may be needed if fall in unemployment leads to too rapid wage growth
- Brexit deal that minimises trade disruption would best support stability and growth
- Encourages UK and EU to reach agreement soon on Brexit transitional arrangements
Meanwhile, we're seeing cable make a run up past the 1.3400 level - hitting session highs of 1.3408 at the moment.
