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MNI UK Issuance Deep Dive: Budget 2023 Preview

MNI View: No Rabbits from the Hat; Focus on Gilt Issuance

  • There is little expectation that Hunt will deliver ‘rabbits from the hat' in the form of notable tax cuts or public sector spending hikes. The focus for investors may therefore be more on the gilt remit and the economic projections from the OBR as well as the underlying assumptions used.
  • We discuss what this means for the remit, the maturity split and outline which new gilts we expect to see issued in the upcoming fiscal year.
  • We also discuss the political implications.
  • Finally, we summarise key analyst views.
For the full document see:

UK_Budget_Preview_Mar23.pdf

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