Finance minister Jeremy Hunt has gone some way towards restoring Britain’s market credibility with a predictable budget, but the economy’s bleak outlook is likely to keep UK assets at the bottom of investors’ lists.
Mark Dowding, chief investment officer at BlueBay Asset Management, said the signal from the Office for Budget Responsibility , Britain’s independent fiscal watchdog, about a fall in living standards was especially worrying. The OBR said freezes on income tax allowances will take the real value of the personal allowance in 2027-28 back to its 2013-14 level.
Britain’s economy shrank in the three months to September at the start of what could be the longest recession in a century. Gross domestic product is now expected to contract by 1.4% next year compared with a projection for growth of 1.8% in the previous outlook published in March by the OBR.Ratings agency Moody’s said the budget plan restored credibility, but risks remained.
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