For many weeks it has felt like we knew what was going to be in the Budget ahead of time, but in the mother of all leaks the details were reported on the newswires ahead of the Chancellor even standing up to deliver her speech. The indications are that the Budget is not as tight as most feared, but that the Chancellor has given herself more headroom against her main fiscal rule. Initially the markets liked it. But now they don’t, perhaps as they are worrying about the political fallout and what comes next. In short, so far at least, the markets are once again questioning the credibility of this government.
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