 Hello and welcome to CMC Markets in this quick review of the Chancellor's latest autumn statement. Now there don't appear to be any obvious winners from the raft of measures announced by Philip Hammond. I had a quick look through these and have 23 billion pounds in a Productivity Innovation fund to fund infrastructure projects. You would expect that to give a lift to house builders, but we're certainly not seeing that in some of the share price performance here in my housing watch list here. You can see Taylor Wimpy's Barrett Development's all showing large losses. Also widely trailed banning of letting agents fees that set the share prices of Foxton's Group down sharply, 14% thus far, country wide as well, 5.78%, so some significant losers there. You can certainly see that in this Foxton's chart here. The performance of the pound has been broadly mixed. It's been up against the Euro, up against the Yen, sharply lower against the US Dollar, but that's less to do with the market reaction to Philip Hammond's autumn statement and more to do with the fact that US Durable Goods actually blew the doors off coming in at 4.8%, well above 1% expectation, so the dollar is actually up broadly across the board. I think the big mover that we've seen as a result of the autumn statement is the sharp decline in guilt prices, and I think that's largely predicated on the fact that the markets are perceiving this as a little bit of a fiscal stimulus by the Chancellor of the Exchequer. He suspended his plans to balance the budget by the end of this parliament. That's not really a surprise. I think what was a surprise was the fact that he hasn't really set an end date for bringing the budget back into balance other than to say that ultimately it will happen sometime within the next parliament. Other headline catching measures are the raising of tax thresholds and the living wage, freezing of fuel duty as well. So all in all, not much in the way of surprises and I think the main rabbit out of the hat was the suspension or the suspension of the autumn statement. There will no longer be an autumn statement. There will now be an autumn budget and there will be a spring statement. No, that is not a wind up. The spring statement will be essentially just an outlining of the UK government's projections in line with the Office of Budget Responsibility. So in a nutshell what we're seeing here is heightened inflation expectations I think as a result of what I would suggest is a modest fiscal stimulus programme announced by the UK Chancellor. That's been reflected in UK guilt prices, a big sell off there, a spike in yields and that's also been reflected by a modest rise in the pound against the euro as we can see from this two-hourly chart here and also a push higher in the pound against the yen. The move lower in the pound against the dollar is a little bit of what I would call a false indication of the way the markets are perceiving this Chancellor's autumn statement and ultimately I think the best reflection of the market reaction to the Chancellor's measures are reflected in the guilt market in the context of high yields which does appear to suggest that ultimately the Bank of England is unlikely to be cutting interest rates any further in the short or medium term for that matter.