Sterling has fallen to its lowest level against the dollar since early July after Theresa May set a date for starting Brexit negotiations.
The Prime Minister said she would trigger Article 50, the clause needed to start the process, by the end of March 2017. That means the UK is likely to leave the EU by mid-2019. A short while ago the pound was down about 1 per cent against the dollar at $1.2854 and nearly 1 per cent against the euro at €1.1440. Housing In a sign that the Government is planning to reset its fiscal policy, the new Chancellor, Phillip Hammond, is to unveil a £5 billion house-building stimulus package later today. In his speech to the Conservative Party conference he will announce plans to spend £2 billion and use surplus public land to encourage new developers. The Government will also spend a further £3 billion on loans for home builders and long term infrastructure projects. The aim is to appeal to those who have been shut out of the housing market by years of rising prices and tough lending conditions.
Get Britain's best politics newsletters
Register to get The Spectator's insight and opinion straight to your inbox. You can then read two free articles each week.
Already a subscriber? Log in
Comments
Join the debate for just £1 a month
Be part of the conversation with other Spectator readers by getting your first three months for £3.
UNLOCK ACCESS Just £1 a monthAlready a subscriber? Log in