October 29th: Britain's Brexit Budget and Last Week of Campaigning before the US Midterms...

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UK
With Brexit talks dragging on and internal Tory fighting continuing, the Chancellor Philip Hammond will deliver the budget today. It seems that tax receipts are set to be 13 billion pounds higher than anticipated so this does give him some (as we Irish love to call it) “fiscal space”.

A few weeks ago, at the Tory Conference, Theresa May said “austerity is over”. It was a bold claim that was met with plenty of skepticism and even some ridicule.

It’s hard to see how Philip Hammond can deliver on a budget that legitimately lives up to May’s statement, especially as there is so much uncertainty over Brexit.

I can honestly only see downside form this budget for the Conservatives. At the best case, the budget is approved, the government get some more breathing room, but any political goodwill dissipates when the Brexit squabbling and floundering commences again later this next or next

US
In the last full week before the United States goes to the polls for the midterms, it looks like the Democrats are set to take the House while the Republicans will maintain control of the Senate.

This would be a major setback for President Trump but it is common for incumbent presidents to lose control of the House.

I’ll write a more detailed preview on Friday as I have predicted that the Democrats would take House back for quite some time but it still isn’t a foregone conclusion…