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UK Public Finances (Aug. 2023)

August's public finances figures continued the recent run of better-than-expected news on the fiscal position. So while the Chancellor has ruled out tax cuts in the Autumn Statement on 22nd November, he will probably have some wiggle room for tax cuts and/or spending rises in the March 2024 Budget. That would give the Bank of England another reason to keep interest rates at their peak for longer than the Fed and the ECB.

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