Market insights

It's UK Budget Day - 060324

Today sees the UK Chancellor, Jeremy Hunt, reveal the UK budget around lunch time.

Here's a quick summary of what to expect referenced from BBC News:

  1. Chancellor Jeremy Hunt will deliver the Budget today, outlining the government's tax and spending plans
  2. He's expected to cut National Insurance for workers by another 2p - it also fell by 2p in last year's Autumn Statement
  3. It would mean the main rate falling from 10% to 8% - which could save the average worker around £450 a year
  4. "Because of the progress we've made... we can now help families with permanent cuts in taxation," says Hunt
  5. Some Conservatives want cuts in income tax, or an increase in the thresholds where it's paid
  6. "The Conservatives promised to fix the nation's roof," Labour's Rachel Reeves says, but instead they are "now burning the house down"
  7. The UK economy fell into recession last year, and overall tax take is approaching record levels since World War Two
  8. Before the Budget at 12:30 GMT comes Prime Minister's Questions at 12:00

This is going to dominate GBP rates throughout the day and we normally see a degree of volatility throughout the announcement.

That's not the only news today.

There's European retail sales and a raft of speeches from the FED, so GBP/EUR and GBP/USD could be in for a bumpy day.

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Economic calendar

EUR: 10:00 Retail Sales

UK: 12:30 UK Budget

US: 15:00 FED's Jerome Powell Testifies

US: 17:00 FED's Mary Daly Speech

US: 21:15 FED's Neel Kashkan Speech

As ever we look forward to keeping you in the loop and look out for our next update.

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