Budget reaction wrap: a day of fallout after Reeves’ speech

Quick Summary:

Rachel Reeves has moved to reassure jittery investors about her fiscal plans after increased borrowing in her Budget helped trigger a sell-off in the bond markets.

The surge in yields takes UK 10-year borrowing costs close to the 4.63 per cent peak seen after Liz Truss’s September 2022 “mini” Budget, which sparked a crisis in the gilt market.

The UK chancellor unveiled the tax raising package in her Budget on Wednesday.Employer NI will rise 1.2 percentage points to 15 per cent from April.

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Article Details

Author / Journalist: Maxine Kelly

Category: MarketsFinanceInvesting

Markets: United States

Topics: Cent Rachel Chancellor Budget Year Markets Investors Reeves Public Government Borrowing

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 21:57:31 (1 weeks ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 3615 words

Reading Time: 21 minutes read

Sentences: 134 lines

Sentence Length: 27 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23372343

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