Cue rolling television coverage and special editions of all the newspapers.

席捲了各家電視新聞媒體以及報章雜誌的特別專欄

It's all great theatre, but in market terms the budget is usually a total non-event.

這確實是場重頭戲，但對市場而言，這事卻只能搔及皮毛

The average movements in the stock market,

在預算案發布的這天，股市的平均走勢

in the exchange rate and in the government bond yield on budget days

匯率及政府公債殖利率

are barely any different from the movements on any other day of the year.

與當年度其他日子的走勢近乎無異

But this year, it would be unwise to switch off from post-budget coverage altogether.

但今年，關掉所有預算案結果報導的新聞是不明智的

And the reason for that is that, like everything else in British politics,

與其他英國政治一樣，其箇中原因在於

budgets must now be viewed through the prism of Brexit.

我們要以脫歐的視角去看這份預算案

Philip Hammond's main objective with this year's Budget was not to get sacked.

Philip Hammond 今年對預算案的主要目標是不要讓自己因此下台

A weak affair might have hastened his departure, and that would be bad news for sterling,

他可能會因為較弱勢的結果而加速他的下台，這對英鎊來說是個壞消息

because investors like Mr. Hammond's perceived pragmatism.

因為投資者喜歡 Hammond 先生主張的務實主義

He favours a gentler version of Brexit and is a vocal backer of City interests in Europe.

他偏好溫和版本的脫歐，同時是個歐洲城市利益聲援者

If he went, it is likely he would be replaced with a more skeptical minister.

如果他離開了，那接任他財政大臣位置的預計會是一個懷疑論者

Brexit-favouring Michael Gove is the bookmakers' favourite.

脫歐支持者 Michael Gove 是賭盤寵兒

Backroom manoeuvring over the budget

預算案的幕後操作

is seldom evidenced on the day of the speech itself.

很少在演講當天被證實

Mr Hammond was, of course, cheered to the rafters by his own MPs.

Hammond 當然是被他自己的國會議員所支持

Budgets usually unravel in the days after,

預算案通常會在

like George Osborne's infamous "omnishambles" in 2012.

像 George Osborne 2012 年臭名昭彰的「一團糟」之後解體

Signs to watch out for include negative stories in the rightwing press,

要注意的跡象包括右翼媒體的負面報導

sniping comments from anonymous colleagues, and worst of all,

和匿名同事的暗箭，或最糟的可能是

budget measures that attract their own uncomplimentary monikers.

預算案吸引了人家幫它取個帶有貶意的綽號

A 2017 equivalent of 2012's "granny tax" would surely be a cue to sell the pound.

2017 的這次會像 2012 的「搶劫老奶奶稅」樣，是個賣空英鎊的觸發點