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

秋季報告預測明年成長會從 2.2% 趨緩到 1.4%

higher borrowing costs of £120 billion more than planned,

並且指出借款金額比原本計畫多出了 1200 億英鎊

and the cost of Brexit on public finances?

也有提到英國脫歐對公共財政的影響

UK chancellor Philip Hammond, as expected,

英國財政大臣 Philip Hammond—如眾所預期的—

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

在他的演說中不斷強調政府的高額借款以及更高的基礎建設花費

In a climate of rising bond yields globally,

在全球債券收益不斷上升的情況下

it was to be expected that UK gilts would climb,

英國公債收益也預期會上升

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

十年期收益也真的回升到五月的數據，上升了大約十個基準點

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

因為英國為了彌補脫歐的後果借更多的錢

The infrastructure package, frankly, looked a bit modest:

基礎建設方案—老實說—其實沒有很多資金

23 billion over five years.

五年 230 億

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

市場的整體觀感是秋季報告

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

並沒有讓投資人改變他們認為英國在脫歐之後處境尷尬的想法

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

英鎊在演說之中沒有被提到太多

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

這星期初英鎊被大量賣出，但那是因為強勢的美元

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

而這個情況在星期三下午就漸漸消失了，即使英鎊對歐元的確顯得較為強勢

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

倫敦金融時報100指數以及富時250指數並沒有太大的波動

they were down marginally.

他們只有些微下跌

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

但是，當然仍然有些是贏家，有些是輸家

The shares fell because of the ban on letting fees,

股票因為 Philip Hammond 宣布房東禁止收取租房子的行政費用而下跌

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

而那些可能因為基礎建設花費、交通以及建設而獲利的股票則是表現亮眼

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

整體來說，市場反應是有點令人失望的

but at least investors have a bit more reality

但至少投資人對英國脫歐所帶來的經濟衝擊

about the economic impact of Brexit.

有了點頭緒