UK Finance Minister John Healey is set to finance all new measures announced in the October 28 budget, including a cost-of-living support package, through higher taxes or reductions in public spending rather than additional borrowing, the Financial Times reported on Wednesday.
According to the report, citing sources familiar with the UK’s budget planning, the fiscal package is expected to be “scorecard positive” in 2029–30, the final year of the current parliamentary term. This means all extra discretionary spending would be fully funded.
Market reaction
At the press time, the GBP/USD pair is up 0.14% on the day to trade at 1.3274.
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