UK chancellor Reeves: There will be no return to austerity

• OBR release of forecasts is deeply disappointing, serious error
• There will be no return to austerity
• This budget will bring down inflation
• Borrowing will fall as a share of GDP in every forecast year
• OBR forecasts show more than doubled fiscal headroom of £21.7 billion

With the details all laid out there earlier by the OBR, there’s not much for her to really say at this point. It’s just a formality of sorts in getting the message across. In terms of price action, we’re seeing continued pushing and pulling with GBP/USD now back up to 1.3160 from a low of 1.3125 earlier. 10-year gilt yields are still keeping up at 4.52% though.

This article was written by Justin Low at investinglive.com.