Free Trial
EUROZONE T-BILL ISSUANCE

W/C June 27, 2022 - Recap

EURGBP TECHS

Trend Needle Still Points North

RATINGS

S&P To Review Finland & France On Friday

BTP TECHS

(U2) Clears Short-Term Resistance

AUSSIE BONDS

Off Best Levels

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: UK Chancellor Sunak Unveils GBP15 Billion Handout

(MNI) London
(MNI) London

Chancellor of the Exchequer Rishi Sunak boosts fiscal support, GBP15 Billion handout with one-off GBP650 pay-out to less well-off

The UK will launch a GBP15 billion financial package to help offset the rise in the cost of living, Chancellor of the Exchequer Rishi Sunak said Thursday. The package will change the fiscal/monetary policy mix and was not factored into the Bank of England's May projections.

Key elements of the package are a GBP8 billion handout to the less well-off, with one-off payments totalling GBP650 to those on benefits, with lump sum payments in July and the Autumn. In addition there are GBP400 across the board payments to help with energy bills, topping up previously announced loans that are now converted to grants. Sunak said that inflation should be tackled through independent monetary policy and supply side reform. The measures today are likely to, at the margins, push up on inflation by boosting consumption.

Keep reading...Show less
155 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

The UK will launch a GBP15 billion financial package to help offset the rise in the cost of living, Chancellor of the Exchequer Rishi Sunak said Thursday. The package will change the fiscal/monetary policy mix and was not factored into the Bank of England's May projections.

Key elements of the package are a GBP8 billion handout to the less well-off, with one-off payments totalling GBP650 to those on benefits, with lump sum payments in July and the Autumn. In addition there are GBP400 across the board payments to help with energy bills, topping up previously announced loans that are now converted to grants. Sunak said that inflation should be tackled through independent monetary policy and supply side reform. The measures today are likely to, at the margins, push up on inflation by boosting consumption.

Keep reading...Show less