Today UK shares are up and the pound has rallied a little against the dollar. That is probably not what the Chancellor had in mind.
Despite all the efforts of the Treasury, other world governments, the IMF and various economists to talk the UK down on fears of Brexit, markets are just not doing what they wanted them to do.
Remain seems to have given up on their short term forecasts of higher government borrowing rates, as these rates have plunged along with other sovereign bonds around the world. Clearly there is no strong Brexit affect on UK ones.
The pound hit a low this year of $1.385 at the end of February when the markets did not think Brexit at all likely. Now they think Brexit is much more likely, with a probability to them of around 40%. This would imply the pound should now have fallen around 40% of their anticipated fall for Brexit, but instead it is at $1.41 today, still above its February low.
The share market hit a low of 5536 (FTSE 100) on February 11th this year, well before markets thought Brexit possible. Today it is at 5973.