The market reaction appeared to be fairly subdued with the main surprise from Hammond's budget speech coming from the announcement that the Autumn Statement is to be abolished.
Paul Hollingsworth, UK economist at Capital Economics, argued that in perspective, it is the perceived inaction regarding austerity that is worth noting.
He said in a note, "The big picture, though, is that while the Chancellor put an end to Autumn Statements, he did not put an end to austerity. With a goal of achieving a budget balance in the next parliament, austerity is just set to continue for even longer. But a more gradual path of belt-tightening should help the economy to remain resilient."
Ben Brettell, senior economist with Hargreaves Lansdown, believed that Hammond's speech in parliament was remarkably similar in strategy to that of his predecessor.
He said in a note, "We might have a new chancellor but Philip Hammond's speech today came straight out of the George Osborne playbook.
"(Hammond's) focus on productivity was welcome, and long overdue. The UK has fallen behind in productivity for too long, though it should be noted that promising to tackle the problem is much easier than finding a solution," he added.
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