UK Budget Commentary: Higher revenues, higher spending - TDS

Analysts at TD Securities noted that Chancellor Philip Hammond presented his annual Autumn Budget today.

Key Quotes:

"The budget presented broadly unchanged borrowing figures vs the Spring Update, showing a gradual decline in the deficit over the coming 5 years. We see little impact from today's announcements on the broader economy, with no spillover to Bank of England policy."

Rates: Gilt sales for FY 18/19 have been reduced to £97.5bn compared to the £106bn that was envisaged in the Spring Update. While the reduction was marginally above the market expectations of a £4-5bn cut in sales, market reaction was muted."