Aberdeen's O'Carroll: There's an elephant in the room, Mr Hammond

Pre-Budget viewpoint

Chancellor Philip Hammond wants his first and last Spring Budget to be a low-key affair, writes Lucy O'Carroll, chief economist at Aberdeen Asset Management.

It will provide some insights into what the level of spending pressure this government is under, even after the abandonment of George Osborne's fiscal rules.  But it will almost certainly disappoint so far as tackling the UK's finances is concerned. Cuts, and perhaps a gesture towards future tax plans, will be the order of the day. Autumn Statement 2016: Top takeaways for investment industry We are already getting hints about what these cuts will amount to: government departments have been told to outline potential spending reductions of up to 6%, with the aim of saving up to £3.5b...