UK Finance Minister Jeremy Hunt announced the Autumn Forecast Statement on Wednesday, stating that “we will reduce debt, cut taxes, reward work in this statement.”
Additional quotes
We will cut business taxes.
The Office for Budget Responsibility (OBR) says combined impact of these measures will reduce inflation and raise GDP.
OBR says inflation will fall to 2% target in 2025.
We will back BoE to do whatever it takes to get inflation back to target.
Working-age welfare benefits to be uprated by 6.7% Sept inflation rate.
Market reaction
The Budget update seems to have little to no impact on the Pound Sterling, leaving GBP/USD modestly flat at 1.2535, as of writing.
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