MNI China Daily Summary: Thursday, July 18

MNI BRIEF: China To Upgrade Rural Land Reform: 3rd Plenum

MNI BRIEF: China's Third Plenum Eye's Deeper Financial Reform

MNI BRIEF: China Third Plenum Expands International Opening

MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: EUROZONE MAY CONSTRUCTION OUTPUT -0.9% M/M, -2.4% Y/Y

UK private regular wage growth shows big drop in single month figures

TLFS transition delayed again

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

UK: Shadow CX Appears To Rule Out Emergency Budget If Labour Win Election

UK
Political Risk BulletBulletFixed Income BulletsForeign Exchange Bullets

In her first major speech of the election campaign, Shadow Chancellor of the Exchequer Rachel Reeves has appeared to rule out the holding of an emergency summer budget in the event that the centre-left Labour party wins the general election on 4 July. Says that “The [independent Office for Budgetary Responsibility] OBR requires 10 weeks’ notice to provide an independent forecast ahead of a budget, and I've been really clear that I would not deliver a fiscal event without an OBR forecast”. 

  • Opinion polling shows Labour with a substantial lead just over five weeks ahead of the election, with the party seen as strong favourites to win power with a large majority in the House of Commons. 
  • Post-election budgets are relatively common, especially when power changes hands. However, if Reeves maintains her stance it would likely see the next fiscal event take place in the autumn, potentially delaying the implementation of its provisions into 2025. 
  • Reeves also shot down the prospect of Labour matching the Conservatives' pledge of a  'triple lock plus' for state pensions that would see the tax-free pensions allowance rising by 2.5%, earnings, or inflation (whichever is highest). The shadow chancellor called the plan “another desperate gimmick” and said “she will never take those risks” with public finances. 
211 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

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.

In her first major speech of the election campaign, Shadow Chancellor of the Exchequer Rachel Reeves has appeared to rule out the holding of an emergency summer budget in the event that the centre-left Labour party wins the general election on 4 July. Says that “The [independent Office for Budgetary Responsibility] OBR requires 10 weeks’ notice to provide an independent forecast ahead of a budget, and I've been really clear that I would not deliver a fiscal event without an OBR forecast”. 

  • Opinion polling shows Labour with a substantial lead just over five weeks ahead of the election, with the party seen as strong favourites to win power with a large majority in the House of Commons. 
  • Post-election budgets are relatively common, especially when power changes hands. However, if Reeves maintains her stance it would likely see the next fiscal event take place in the autumn, potentially delaying the implementation of its provisions into 2025. 
  • Reeves also shot down the prospect of Labour matching the Conservatives' pledge of a  'triple lock plus' for state pensions that would see the tax-free pensions allowance rising by 2.5%, earnings, or inflation (whichever is highest). The shadow chancellor called the plan “another desperate gimmick” and said “she will never take those risks” with public finances.