Pound Shows Resilience After UK Budget Announcement as Fiscal Space Expansion Supports Market Stability

Deep News11-28

Ebury analyst Matthew Ryan noted that despite growing market expectations of a Bank of England rate cut in December, the British pound has remained relatively stable following this week's budget announcement.

Ryan stated that the absence of major surprises in the fiscal statement maintained market calm, thereby supporting the pound's performance. The expansion of fiscal space by approximately £22.1 billion also contributed to market stability, with Ryan adding that "greater buffer funds will reduce the likelihood of Labour implementing additional tax hikes next year."

Currently, the pound has declined 0.2% against the broadly stronger US dollar to $1.3214, while showing a slight gain against the euro at €0.8751.

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