UK cuts growth forecast sharply, with the spring budget based on projections of 3.8% growth, rather than the 6% expected previously. UK Finance Minister Rishi Sunak announced this along with a small cut to fuel duty, equivalent to 5p/litre, a rise in National Insurance thresholds of £3,000 and a cut in the basic-rate of income tax to 19% from 20% but not until April 2024.
Meanwhile Fed Chair Powell and BOE Governor Bailey have been on the record as US Markets open for mid-week business in the red.
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Andria Pichidi
Market Analyst
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