UK government borrowing costs fall as City welcomes ‘no harm’ budget – business live
The Office for Budget Responsibility (OBR) said the chancellor would meet the most important rule – to balance day-to-day spending with tax revenues – with a diminished headroom of £15bn by the target date of 2029-30, against the £24bn his predecessor Rachel Reeves had built up in the spring.
A ’continuity budget’ with fiscal headroom upside potential pushes the pound ’s perceived fiscal risks to the background.
The new chancellor has successfully navigated his first budget without spooking gilt markets.
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