A quick market update and a deep dive in the UK’s budget announcement, which was as political as it gets! The headline is households will go backwards, as unemployment rises, and a 2-year recession is likely. Worse, personal income tax bands are frozen, so the total tax take will be bigger than ever!
Investment allowances have been cut, and the future Government spending cuts have been pushed out beyond the next election.
The cost of debt to the Government rises.
This scenario is one we should expect to see playing out in other economies too. Living standards will drop.
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