[vc_row][vc_column][vc_column_text]Philip Hammond started off with a remark that Chancellors in his position rarely get to make during a Budget announcement; a higher than expected growth of 2% for the UK economy, up from 1.4%.

During his speech, he announced that National Insurance contributions for the self-employed is to increase by 1 per cent to 10 per cent, the tax-free personal allowance for income tax will rise by £500 to £11,500, and there’s to be a £425m investment in the NHS, amongst other key points.

There was also bad news for holidaymakers, who’ll have to pay more for their flights soon; Air Passenger Duty (APD) rates are set to increase in line with the Retail Price Index in 2018-19.

There was relatively little movement for Sterling off the back of the Budget announcement, with the currency remaining at consistent levels against all major currency pairs pre-and-post Mr Hammond’s statement.

However, with Article 50 set to be triggered by the end of March, the next few weeks will be key for Sterling, with potential for the currency to experience volatility.

Article first shown on Currencies Direct.com

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