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MNI UK Budget Review:GBP50bln more gilts than expected

MNI INTERVIEW: Sunak To Keep Fiscal Rules Vague At UK Budget
  • The continued Covid-19 support was larger than expected, corporate tax increases were at the top end of expectations (and a bit faster). Some of the other plans to boost investment will be welcomed, particularly by MPs who had been concerned about the rise in corporate tax.
  • We look through the main measures of the Budget and whether they were or were not expected by consensus.
  • Our Political Risk team look at how the initial reaction seems to indicate that Chancellor of the Exchequer Rishi Sunak defused a potentially volatile political situation surrounding the Budget.
  • On the Markets side, we compare the issuance plans with what the consensus had expected ahead of the event and note that issuance of short and long gilts are higher than expected, but medium and linker issuance is in line with expectations.
  • We also outline the gilts that we expect to be sold during April - June in the first fiscal quarter of the year.]
For the full document please click the link below:

UK_Budget_Review_Mar21.pdf

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