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Osborne Takes The Stage

Osborne Takes The Stage

Today, Chancellor George Osborne will be delivering the Autumn Statement, which was previously known as the pre-Budget Report. It is a chance for the Government to set out the state of the nation’s finances and we are expecting to see a Government which is failing to meet its borrowing costs. Some of the content is already known such as an extra £2bn being invested in health services, 1400 flood defence projects to receive funding, the building of the UK’s second new garden village in Bicester, and an extra £150m of funding to help children with eating disorders.

We remain far away from eliminating the structural deficit in the UK, partly due to lower-than-expected revenues from tax. However, the Coalition remain confident that this will be done by 2017/18, however whether they will be there to do this remains to be seen.

Elsewhere, oil prices continue to drop which is beneficial for the US economy and according to Fed Governor Fischer they are getting closer to keeping rates low for a considerable time.

Australian Dollar also weakened further due to much worse than expected GDP in Q3. This is something that has not gone down too badly with the RBA as they remain uncomfortable with the currency’s strength.

Aside from the Autumn Statement, we have PMI from UK, Europe and the US, retail sales from Europe and mortgage applications and employment change from the US.

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