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.
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.
Markets Today
*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.
Major Economic Releases (All times in GMT)
No major releases