Well, you could hardly say it was a surprise that UK has come out with a disastrous budget today. What did catch people's attention is the amount of new gilt issuance - an incredible £175bln.
In spite of some politically rewarding token tax measures on the rich, a glance at the so-called "red-book" behind the speech shows that forecasts remain insanely at odds with reality. 3.5% growth within 2 years? Absolute fantasy.
The surprising thing is that sterling hasn't dropped even further, or the gilt/stock market for that matter. Perhaps everyone is looking away?
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