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Sunak's Budget Faces Mounting Criticism

GILT SUMMARY

Gilts have rallied and the curve has bull flattened

  • Cash yields are 3-8bp lower on the day with the curve 4bp flatter. Last yields: 2-year 0.0524%, 5-year 0.3242%, 10-year 0.7176%, 30-year 1.2679%.
  • The Jun-21 gilt future trades at 128.78, 11 ticks off the day's high.
  • Chancellor of the Exchequer Rishi Sunak has been on the defensive today as opposition to yesterday's budget continues to build. A planned rise in corporation tax to 25% from 19% in 2023 and freezes to income tax thresholds and the lifetime pension allowance have received sharp criticism from some Conservative backbenchers.
  • The Institute for Fiscal Studies (IFS) has warned that the planned spending cuts would be too harsh to be dliverabele.
  • The DMO earlier sold GBP2.75bn of the 0.25% Jul-31 Gilt. A further GBP687.500mn was taken up through the PAOF.
  • The BoE purchased GBP1.48bn of medium-dated gilts with offer-to-cover of 2.60x.
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