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UK: MNI UK Budget Preview - Impact on BoE Policy Will Likely Be Subdued

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  • Our overall expectation ahead of the Budget is that the impact on MPC policy will likely be more subdued than the market currently fears, given that we expect infrastructure spending to be ramped up more gradually.
  • We look at the changes to fiscal rules and what they mean as well as the expected measures that will be announced, as well as the implications for the financing situation and the gilt remit and potential market implications.
  • On the political risk side, this will be the first major test of Labour's economic stance. We look at the wider political implications of the Budget.

Full PDF including Gilt issuance profile here: https://mni.marketnews.com/3YBr39n

 

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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Our overall expectation ahead of the Budget is that the impact on MPC policy will likely be more subdued than the market currently fears, given that we expect infrastructure spending to be ramped up more gradually.
  • We look at the changes to fiscal rules and what they mean as well as the expected measures that will be announced, as well as the implications for the financing situation and the gilt remit and potential market implications.
  • On the political risk side, this will be the first major test of Labour's economic stance. We look at the wider political implications of the Budget.

Full PDF including Gilt issuance profile here: https://mni.marketnews.com/3YBr39n