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Columbia Threaadneedle: A tough fiscal reality awaits new government
Columbia Threaadneedle: A tough fiscal reality awaits new government
Video
If the opinion polls or indeed the bookmakers are to be believed, then Labour are virtually guaranteed to form the next government. With this in mind, I’m going to talk a little bit about the background and the overall economy that they will inherit and discuss, very briefly, how they might choose to meet a really tough fiscal position.
04.07.2024 | 10:07 Uhr
Key Takeaways
- The international macro backdrop is improving; US interest rate cuts have been revived and the ECB has trimmed rates.
- In the UK, a strong GDP number in Q1 was revised up last week.
- Longer-term, the outlook for UK budget finances remains distinctly gloomy, however.
- A new government will have to raise taxes and the focus is likely to be on capital taxes.
- Detailed discussions with the treasury and the office for budget responsibility await.
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