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UK Public Finances (Jan.)

January’s public finances figures delivered some much-needed good news for the Chancellor in the lead-up to the Budget on 6th March. But we doubt this will pave the way for a very big pre-election splash. We still think the Chancellor will be handed “headroom” of just £15bn (0.5% of GDP), limiting his ability to unveil big unfunded tax cuts if he wishes to adhere to the fiscal rules. 

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