UK's Reeves: There will be no return to austerity

While presenting the Autumn Budget on Wednesday, UK Finance Minister Rachel Reeves said that there will be no return to austerity and added that they will maintain investment in the economy and health services, per Reuters.

Key takeaways

"Borrowing will fall as a share of GDP in every forecast year."

"OBR has cut forecasts for productivity by 0.3 percentage points to 1% by end of forecast."

"Will introduce three-year stamp duty relief on new IPOs in Britain."

"From April 2027, will require 8,000 Pounds of 20,000 pound ISA limit for under-65s to not be invested in cash."

Market reaction

GBP/USD gains traction after dipping below 1.3150 with the initial reaction to the Office for Budget Responsibility's (OBR) projections and was last seen trading modestly higher on the day at 1.3180.