Before the Bell: Sunak s Budget aims to boost GDP, the pain comes later
Although yesterday’s UK Budget was generally well received in the international markets, with the fiscal taps to be left fully open until December, the British Pound did rally.
With the major decisions pre-announced earlier this week, a big equity market reaction to the Budget speech was unlikely anyway.
In addition to the extension of Covid-19 specific support, the Chancellor is aiming to promote investment in the near-term, specifically via the 130 per cent ‘super deduction’ tax incentive.
Faster GDP growth will generate higher tax receipts, but additional revenue raising measures will be necessary eventually, commented Ian Williams, economics & strategy research analyst at Peel Hunt.
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Freeports, Fuel Duty and Tax Changes Delight for Some and an Anathema to Others
UK Logistics Sector Gives a Variable Reaction to Budget
UK – The logistics sector drew breath this week and then released a torrent of words to comment on the Budget measures, taken as they are in the light of chaos caused by both the Covid pandemic and the exit from Europe.
Whilst some see Freeports as the road to Damascus, others are sceptical of the advantages or downright hostile, seeing them as an excuse to lower employment standards. Measured comments come from such as Robert Keen, Director General of the British International Freight Association (BIFA), who welcomed some of the macro-economic announcements in the UK Budget that will offer ongoing support to businesses in the freight and logistics sector that have been hit hard by the double whammy, saying:
YESTERDAY S Budget was anticipated to be a huge event for traders, but Rishi Sunak s announcement had practically no effect on the pound as it remains in the same place as before. What does this mean for travel money?
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