Hobson: Philip Hammond is Clueless on UK Growth

THE WEEK: Morningstar columnist Rodney Hobson comments on the Autumn Statement - and the lack of insight into the post Brexit world it offered

Rodney Hobson 25 November, 2016 | 11:40AM

No wonder Philip Hammond has been so quiet since he replaced George Osborne as Chancellor of the Exchequer in the summer. The Autumn Statement confirmed that he and the forecasters at the supposedly independent Office for Budget responsibility have no more idea of what will happen over the next couple of years than the rest of us.

Hammond’s admission that he cannot balance the Budget is a welcome piece of realism 

I suspect that the difference between the two Chancellors is that Osborne had little grasp of economics but acted as if he had, while Hammond has a much greater grasp but realises his limitations. That should be a big improvement as we head towards Brexit.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Countrywide PLC60.81 GBX-1.13
Lloyds Banking Group PLC31.46 GBX-1.13

About Author

Rodney Hobson

Rodney Hobson  is a columnist for Morningstar.co.uk and author of several investing books, including The Dividend Investor and How to Build a Share Portfolio.

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