The Rishi rebound: Chancellor's Budget provides a roadmap for post-Covid debt reduction and economic recovery

Interest rates on hold – for now

Andrew Pease of Russell Investments

Andrew Pease of Russell Investments

A realistic budget was announced on Wednesday that carefully balances the extension of more immediate pandemic support measures with longer-term tax increases aimed at reducing the UK's bulging debt levels.

The continued stimulus should keep the Bank of England from taking further action for the time being. In the immediate aftermath, markets were largely unmoved by the announcements, which seems the correct response.  There were two main objectives in Rishi Sunak's budget announcement: provide support for households and businesses through the final stage of the pandemic; and to deliver a roadmap for how the government plans to reduce the fiscal deficit over time and pay for the pandemic support measures. Spring Budget 2021: Industry reacts to Sunak's 'fiscal ice age' The first goal w...

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