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Moves up to 37.5 ticks lower

SONIA
  • SONIA strip seeing Reds/Greens down up to 37.5 ticks on the day. Dec-22 is down 22 ticks.
  • The cuts to income tax for earnings over GBP150k from 45% to 40% was a particular surprise - that will encourage more spending.
  • As will the income tax cut for basic rate (roughly GBP12.5k-50k) by 1ppt from 20% to 19% a year early from April 2023.
  • And that's all on top of the NI cuts of 1.25ppt for all earnings above around GBP12.5k/year.
  • Add to that the alcohol duty cuts, stamp duty there's lots of stimulatory tax cuts here!

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