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UK FISCAL: No. 10 Spox Refuses To Comment On Market Moves Post-Budget

UK FISCAL
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PM Sir Keir Starmer's spox, asked by reporters on the market reaction to the Budget, says "We don't comment on market movements." Says the Budget "has been about restoring fiscal stability [...] there are two new robust fiscal rules". Spox: "Tough choices were necessary to fix the foundations of the UK economy". For more see 'GBP: Aggressive Pick-Up in Volumes Pressures GBP to Multi-Month Lows', 1410GMT', and 'GILTS: Yield Jump Notable Not Exceptional, Could Be Sticky Given Drivers', 1548GMT. 

  • Chancellor of the Exchequer Rachel Reeves has faced pushback on the budget in media rounds. Sky News notes, "Pushed on the fact that she had pledged not to raise taxes in the manifesto, Ms Reeves said she could have "swept under the carpet" the inheritance from the Tories, but chose not to."I recognise, for some of the wealthiest people in our country will be paying more taxes, but I felt they were the right decisions in the circumstances that I faced,".
  • Speaking to the BBC Reeves said increased employer national insurance contributions "will mean that businesses will have to absorb some of this through profits and it is likely to mean that wage increases might be slightly less than they otherwise would have been."
  • Paul Johnson at the Institute for Fiscal Studies said earlier today 'There are big risks lurking in this budget. Big increases in taxes and borrowing are not costless.'
  • Snap polling from Savanta showed respondents only seeing 'young people under 30' and 'low earners/people on minimum wage' as net beneficiaries of the budget.

Chart 1. Opinion Poll, 'To what extent do you think each of the following benefit or do not benefit from the [Budget statement]', %

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PM Sir Keir Starmer's spox, asked by reporters on the market reaction to the Budget, says "We don't comment on market movements." Says the Budget "has been about restoring fiscal stability [...] there are two new robust fiscal rules". Spox: "Tough choices were necessary to fix the foundations of the UK economy". For more see 'GBP: Aggressive Pick-Up in Volumes Pressures GBP to Multi-Month Lows', 1410GMT', and 'GILTS: Yield Jump Notable Not Exceptional, Could Be Sticky Given Drivers', 1548GMT. 

  • Chancellor of the Exchequer Rachel Reeves has faced pushback on the budget in media rounds. Sky News notes, "Pushed on the fact that she had pledged not to raise taxes in the manifesto, Ms Reeves said she could have "swept under the carpet" the inheritance from the Tories, but chose not to."I recognise, for some of the wealthiest people in our country will be paying more taxes, but I felt they were the right decisions in the circumstances that I faced,".
  • Speaking to the BBC Reeves said increased employer national insurance contributions "will mean that businesses will have to absorb some of this through profits and it is likely to mean that wage increases might be slightly less than they otherwise would have been."
  • Paul Johnson at the Institute for Fiscal Studies said earlier today 'There are big risks lurking in this budget. Big increases in taxes and borrowing are not costless.'
  • Snap polling from Savanta showed respondents only seeing 'young people under 30' and 'low earners/people on minimum wage' as net beneficiaries of the budget.

Chart 1. Opinion Poll, 'To what extent do you think each of the following benefit or do not benefit from the [Budget statement]', %

Keep reading...Show less