GBP: UK government scraps controversial cuts - TDS

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that the UK Conservative government released their autumn statement Wednesday afternoon.

    Key Quotes

    “While broad spending plans remain unchanged (balanced budget by 2019/2020), the government scrapped some recently rumoured controversial cuts (so no clawback in tax credits, no reduction in police budgets), while introducing some new revenue measures to pay for this, including a 3% tax on buy to let / second homes, an apprenticeship levy, and conversion of some grant programs to loans.”

    “Continued devolution continues, as well, with councils now free to raise council tax by up to 2% to pay for social care. The OBR largely maintained their previous forecasts for output and inflation over the forecast horizon.”
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