The UK’s Chancellor announced his priorities lie with stability, growth and public services as the government plans to raise taxes and cut government spending. Get your market update from RichardSnowFX here:
as the government plans to raise taxes and cut government spendingDespite over £100 billion to cushion high energy prices the outlook of the UK economy remains dire as the OBR sees the UK already in a recession with real household incomes dropping 7% over the next two years – taking incomes down to 2013 levels. Markets brace for a tough time ahead, especially when the BoE is anticipated to hike interest rates in mid-December by 50 basis points.
Government confirms the state-backed nuclear plant will be going ahead to help achieve energy independencePublic service real spending increases will be limited to 1% from 2025 to 2028 – prior plans targeted 3.7% Debt as a percentage of GDP, according to the Chancellor and OBR, will nudge down from 97.6% in 2025/26 to 97.3% in 2027/28Pensions triple lock will be honored. In April, pensions will increase in line with inflationNational living wage to increase to £10.42The UK government has their work cut out for them and recent political missteps of the brief Truss administration certainly didn’t help matters.
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