Here, fund managers at Fidelity identify three potential stocks which might prove fruitful for savvy investors.

Rank Group

Rank operates casinos, online gambling and, most pertinently, bingo halls under the Mecca brand. One of the announcements in the Budget was that bingo tax will decrease to 10%, to bring it in line with sports betting and online gambling.

This will help offset the structural decline we have seen in UK bingo halls over the last few years and will result in a meaningful pick up in earnings. The company demonstrated its improved outlook for the space by announcing plans for three new bingo halls shortly after Osborne’s announcement.

Brewin Dolphin

The Budget was also positive for wealth managers as it encouraged saving and meant pensioners will need more help managing their assets in retirement.

We had been positive on the space as industry dynamics are improving thanks to consolidation and independent financial advisers leaving the sector and regulation which pushed up fixed costs for the industry, giving a further advantage to larger wealth managers.

A key position is Brewin Dolphin which also benefits from internal change as a new management team focuses on cutting costs and raising margins closer to those of peers.

Taylor Wimpey

A few days before the Budget, Osborne announced that the equity loan scheme for new build homes (Help to Buy 1) will be extended until 2020 and increased the levels of Government funding from £3.5bn to £6bn and from 73,000 to 120,000 homes.

This announcement is a big positive for the UK house builders, as it materially reduces a key medium term concern for them, and takes away market fears that some of the government support may be withdrawn after elections.

Taylor Wimpey has performed well over the last 12 months or so, it has lagged its peers and trades on an attractive valuation of 1.5 times book value. It has a sensible strategy focussed on margin improvement over volume growth and continues to take advantage of attractive prices to strengthen its strategic land bank.

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