She’s still trying to thread the needle here but I reckon on the balance of things, the pound has taken to the budget quite well. It was a tough scenario as the currency had mostly expected negative takeaways from the budget. Tax hikes would’ve hit short-term growth and increased spending/borrowing would’ve upset the gilts market and raise debt concerns.
But as mentioned yesterday, she’s lucky enough that this is coming at a time when the BOE is cutting rates instead.
This article was written by Justin Low at www.forexlive.com.
