A bleaker than expected economic outlook was the main event in an Autumn Statement received by markets and analysts as a calmer announcement than its predecessor.
Chancellor Jeremy Hunt during his Autumn Statement speech in the House of Commons today (17 November) confirmed the UK is in recession. The Office for Budget Responsibility's (OBR) new UK GDP forecast for 2023 was updated to -1.4%, in a hefty downward revision from +1.8% previously. Mike Owens, senior sales trader at Saxo UK, said in reaction to the Statement bond yields have moved higher and sterling sold-off. However, he said the "broad take" is that both gilts and the pound have staged a meaningful recovery in the first few weeks of Prime Minister Rishi Sunak's government. A...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
