which gave a slower growth forecast from around 2.2 to 1.4 percent next year,

higher borrowing costs of £120 billion more than planned,

and the cost of Brexit on public finances?

UK chancellor Philip Hammond, as expected,

made higher borrowing and more infrastructure spending the center piece of his statement.

In a climate of rising bond yields globally,

it was to be expected that UK gilts would climb,

and the ten-year yield was up about ten basis points to levels last at in May,

as the UK borrows more to cover the cost of Brexit.

The infrastructure package, frankly, looked a bit modest:

23 billion over five years.

The overall sense of the market is that nothing was really said

to alter investors' view that the UK is in quite a bind because of Brexit.

The pound, well, that didn't really do much during the speech,

it was being sold off at the start of the week, but that was because of the dollar strength,

and that resumed on Wednesday afternoon, although the pound did strengthen against the Euro.

And there was little action in the FTSE 100 or the FTSE 250,

they were down marginally.

But as ever, there were winners and losers within them.

The shares fell because of the ban on letting fees,

while those likely to benefit from infrastructure spending, transporting and construction did well.

Overall, a market response, it was a bit disappointing,

but at least investors have a bit more reality

about the economic impact of Brexit.