The UK Budget: Reeves’ mild medicine
A Budget described as benign is rarely headline-grabbing. No sweeping tax cuts, no sharp spending pivots, no surprises. Yet in the gilt market which is arguably the most sensitive barometer of UK fiscal credibility, after the Chancellor’s own MPs) budgets like yesterday’s one can have an outsized impact. In 2025, with investors still alert to the memory of the 2022 gilt shock, any fiscal event that avoids destabilising signals is more than a political placeholder - it’s a confidence-preserving mechanism.
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