UK fin min up and running with his summer/emergency Budget. As per printed programme so far in my preview
- global economic risks are rising
- Budget will put economic security first
- OBR sees strong steady growth for rest of decade
- deficit should be cut at same pace as last parliament
- cuts seen without roller coaster ride in spending
- 2015 will see largest privatization proceeds ever
- UK to return to surplus in 2019/20
- £37.5 bln in spending cuts planned for this parliament
- borrowing revised down to £65.9bln
GBPUSD 1.5373 unfazed by the upbeat start so far tempered by a lower 2015 GDP forecast
- debt to fall as share of GDP each year under new charter
- annual savings of £12bln from welfare cuts
- annual savings of £5bln from tackling tax evasion
- will abolish permanent non-dom tax status
