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A potentially huge day on the currency markets today, with important data releases and statements from several key economies.
The headline for the UK is the Budget, announced from 12:30. The Budget is generally speaking, an announcement of the incumbent governments plan to spend the UKs money. However, with only 7 weeks until the UK General Election, this will be a tool used to gain more voters. The Election will realistically end up with another hung parliament, as there are vast swathes of could be voters either undecided or not motivated to vote. As a result, I believe that George Osborne will attempt to help David Cameron today with the release of some potentially seismic new policies. We saw in the Autumn Statement that Osborne was happy to cut Stamp Duty receipts to entice recent property buyers on board – what could potentially be in store today??
Early predictions are for:
A change to Pensions – Annuities could potentially be released in Lump Sum form.
A change in Inheritance Tax levels – the taxable level of a property would raise to £1m.
An increase in the level of personal income tax to £11,000.
All in all a potentially positive day for the Pound. Watch this space though, markets don’t like the uncertainty of elections!
The minutes of the recent Bank of England Interest Rate meeting are released at 09:30, with no change expected. At the same time however is the UK unemployment figure, potentially a greater market mover for the Pound. The UKs Interest Rate decision is linked in part to unemployment levels, so a reduction could also be a boost for the Pound.
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