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Daily Market View 28-11-2025

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1:35

Budget Comes and goes without a Word on Growth

1 Minute Market Rundown

Pound's initial rally following budget peters out as market comes to terms with the real situation.
Chancellor took £22bn out of economy in budget, making her the most tax heavy chancellor over 13 months in history.
Gilt yields that initially declined start to rise back up in ominous sign for the Chancellor.

GBP-

The Pound, after an initial strong performance straight out of the budget, has been wrestled to a halt by most of its major peers as the initial relief of the Chancellors statement wares off.

This seemed somewhat bound to happen, given that the Chancellor hardly even mentioned the word "growth" or the phrase "lower unemployment", much less actually offer any concrete solutions as to how to address these respective issues.

Screenshot 2025-11-27 152921

Balancing the books, giving yourself double the fiscal headroom you had last year are all grand and good ideas and practices. But extending tax threshold freezes until 2031, meaning that by then, we would have had a whole decade of frozen tax rates, not exactly a recipe for growth and development.

Indeed, by current projections, by 2031, tax would be taking up 38% of the Gross National Income, the highest level in history.

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