'Deep recession amid policy headwinds': Industry reacts to £55bn fiscal squeeze

'Another headwind to growth'

A bleaker than expected economic outlook was the main event in an Autumn Statement received by markets and analysts as a calmer announcement than its predecessor.

Chancellor Jeremy Hunt during his Autumn Statement speech in the House of Commons today (17 November) confirmed the UK is in recession. The Office for Budget Responsibility's (OBR) new UK GDP forecast for 2023 was updated to -1.4%, in a hefty downward revision from +1.8% previously. Mike Owens, senior sales trader at Saxo UK, said in reaction to the Statement bond yields have moved higher and sterling sold-off. However, he said the "broad take" is that both gilts and the pound have staged a meaningful recovery in the first few weeks of Prime Minister Rishi Sunak's government.  A...