- Fiscal plan of £55 billion, just under half coming from tax (the rest from spending)
- The early phase will support growth, with most austerity measures coming after 2024
- We will use fiscal policy to support the economy in the short-term
- OBR assesses that the UK is already in recession
Gilts aren’t too happy despite Hunt delivering what is expected for the most part. 30-year yields are up 10 bps to 3.412% and that is weighing on the pound, with cable down to fresh lows on the day of 1.1801 and testing a push below its 100-hour moving average of 1.1832.