A tough fiscal reality awaits new government

A tough fiscal reality awaits new government

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.

Transcript
Steven Bell
Chief Economist, EMEA
Risk Disclaimer

The value of investments and any income derived from them can go down as well as up as a result of market or currency movements and investors may not get back the original amount invested.

Views and opinions expressed by individual authors do not necessarily represent those of Columbia Threadneedle.

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