GDP-
The budget press machine is well and truly churning with the Chancellor herself getting some PR this morning by laying the groundwork of what must already be glaringly obvious.
Tax hikes are clearly inbound, especially following the OBR's downgrade to their UK productivity outlook by 0.3%, putting a £21bln black hole in public finances.
Sources close to the Government are suggesting that higher levies on larger "mansion" houses and exit taxes on emigrees will be wheeled out to help. But both schemes would only pull in an estimated £5bln between them, not a great start. Of course, all of this is being done because of an OBR downgrade, the OBR which would struggle to predict what time noon is correctly.
Nevertheless, it is the pretext for these coming tax hikes, as for spending cuts, no mentions yet.
Markets Today
*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer on check online for a live quote.
Major Economic Releases (All times in GMT)
No major releases