Potentially the day of days for the Pound.....UK budget day. So what do we expect so far.....
The budget is expected to be delivered at 12.30pm UK time. The theme of the budget is expected to centre on "back to work". This will come in a number of forms from actual back to work to keeping skilled people in work longer.
In the budget we may see increases in maximum pension contributions and overall pension pots. Currently capped at £40k pa and £1.07 million respectively. There's also thought to be reforms to childcare and benefits to encourage people into work.
Help with energy costs are also expected to continue although the outlook is for energy prices to start dropping towards the end of the year which should alleviate some of the difficulties facing the Government.
The question marks seem to be around whether the chancellor will proceed with the Conservatives pledge to hike corporation tax from 19% to 25% and whether there will be a hike in petrol duty. Only time will tell.
Outside of this there's also plenty to keep FX markets occupied. Retail sales out in the States, New Zealand GDP numbers, Japanese import data and the early hours of tomorrow sees the Australian employment change.
Today’s Economic Calendar
UK: 12:30 UK Budget
US: 12:300 Retail Sales
NZ: 21:45 GDP Numbers
JPN: 23:50 Import Data
AUS: Thursday 00:30 Employment Numbers
As ever we look forward to keeping you in the loop and look out for our next update.
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