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- People realise UK public finances are under pressure
- I do not accept that we are raising taxes to fund welfare
Well, she can be more bold today as markets have given her some degree of confidence in terms of the initial reaction to the budget yesterday. The pound is sitting higher while the bond vigilantes are not showing up as 10-year gilt yields drop to 4.42% at the end of Wednesday. That being said, the OBR has come out to say that none of Reeves’ measures in this budget “have a material affect on our forecast – either positive or negative”. The body outlines that both taxes and spending are significantly higher in this budget, with the former being rather evident as the UK tax burden (or revenue if you want to look at it) set to exceed post-war highs in the coming years.
This article was written by Justin Low at investinglive.com.
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