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UK's Osborne says economy still faces huge challenges

UK fin min with opening remarks to his Spending Review/Autumn Budget

  • Eurozone weakness remains a persistent problem

I previewed the event here

  • OBR forecasts show 2015 GDP at 2.4% same as prev
  • 2016 GDP 2.4% up from 2.3% prev
  • 2017 GDP 2.5% vs 2.4% prev
  • 2018 GDP 2.4% as prev
  • 2019 GDP 2.3% vs 2.4% prev
  • OBR forecasts govt to meet key target of outright budget surplus in 2019/20
  • OBR sees 1mln extra jobs over next 5 years
  • rising concern over debt in emerging economies
  • UK debt seen falling to 71.3%/GDP in 2020-21
  • debt interest payments expected to be lower
  • deficit will fall to 3.95 of GDP in 2015

Pound liking it so far with cable upto 1.5091 and EURGBP continuing its decline to 0.7017

  • working tax credit cuts to be scrapped

That's a big retreat by Osborne

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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