Die
\naktuelle Haushaltsdebatte in Gro\u00dfbritannien kommentiert Guillermo Felices,
\nGlobal Investment Strategist f\u00fcr Fixed Income at PGIM:<\/b><\/p>\n
This Budget was all about
\nregaining confidence of both the market and labour MPs, and it is doing the
\nminimum to achieve that. The market reaction is consistent with some confidence
\nbeing restored, with gilts rallying and sterling stronger versus the US dollar
\nand euro.<\/p>\n
Overall, the Government has
\nincreased headroom by \u00a322 billion (versus the \u00a315 billion expected), introduced
\nmeasures that will help inflation to fall further, and reduced cash
\nrequirements a bit, meaning that UK government debt issuance numbers will be more
\nreasonable. This should pave the way for the Bank of England to cut rates,
\nwhich is positive for gilts.<\/p>\n
The key remaining uncertainties
\nare the fact that the tax increases are backloaded so revenues will only be
\nrealised in the future; growth assumptions were trimmed lower, though are still
\nvery optimistic hovering at around 1.5% after 2027; and politically, I am not
\nsure the Government has done enough, especially after freezing income tax
\nthresholds. These uncertainties could easily come back to haunt the gilts
\nmarket in the next few months.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"Die aktuelle Haushaltsdebatte in Gro\u00dfbritannien kommentiert Guillermo Felices, Global Investment Strategist f\u00fcr Fixed Income at PGIM: This Budget…\n","protected":false},"author":2,"featured_media":604578,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3976],"tags":[331,332,13,14,15,12,3992,3993,3994,3995,3996,3997],"class_list":{"0":"post-604577","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-vereinigtes-koenigreich","8":"tag-aktuelle-nachrichten","9":"tag-aktuelle-news","10":"tag-headlines","11":"tag-nachrichten","12":"tag-news","13":"tag-schlagzeilen","14":"tag-uk","15":"tag-united-kingdom","16":"tag-united-kingdom-of-great-britain-and-northern-ireland","17":"tag-vereinigtes-koenigreich","18":"tag-vereinigtes-koenigreich-grossbritannien-und-nordirland","19":"tag-vereinigtes-koenigreich-von-grossbritannien-und-nordirland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@de\/115618173766164231","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/posts\/604577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/comments?post=604577"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/posts\/604577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/media\/604578"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/media?parent=604577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/categories?post=604577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/de\/wp-json\/wp\/v2\/tags?post=604577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}