UK fin min with opening remarks to his Spending Review/Autumn Budget
- Eurozone weakness remains a persistent problem
I previewed the event here
- OBR forecasts show 2015 GDP at 2.4% same as prev
- 2016 GDP 2.4% up from 2.3% prev
- 2017 GDP 2.5% vs 2.4% prev
- 2018 GDP 2.4% as prev
- 2019 GDP 2.3% vs 2.4% prev
- OBR forecasts govt to meet key target of outright budget surplus in 2019/20
- OBR sees 1mln extra jobs over next 5 years
- rising concern over debt in emerging economies
- UK debt seen falling to 71.3%/GDP in 2020-21
- debt interest payments expected to be lower
- deficit will fall to 3.95 of GDP in 2015
Pound liking it so far with cable upto 1.5091 and EURGBP continuing its decline to 0.7017
- working tax credit cuts to be scrapped
That's a big retreat by Osborne
