UK Autumn Forecast Statement: We will reduce debt, cut taxes, reward work in this statement
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.
We will increase support for housing costs through local housing allowance.
I have decided to freeze all alcohol duties until Aug. 1 next year.
We will raise pensions by full triple lock commitment.
From April 2024 will increase state pensions by 8.5%.
We will increase support for housing costs through local housing allowance.
We will spend GBP104 bln on cost of living pressures.
Will consult on giving savers legal right to require new employer to pay pension contributions into their existing pension pot.
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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