Technical Analysis

UK finance minister Hunt delivers Autumn Statement

  • 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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button