UK fin min with opening remarks to his Spending Review/Autumn Budget

  • Eurozone weakness remains a persistent problem

I previewed the event here

  • OBR forecasts show 2015 GDP at 2.4% same as prev
  • 2016 GDP 2.4% up from 2.3% prev
  • 2017 GDP 2.5% vs 2.4% prev
  • 2018 GDP 2.4% as prev
  • 2019 GDP 2.3% vs 2.4% prev
  • OBR forecasts govt to meet key target of outright budget surplus in 2019/20
  • OBR sees 1mln extra jobs over next 5 years
  • rising concern over debt in emerging economies
  • UK debt seen falling to 71.3%/GDP in 2020-21
  • debt interest payments expected to be lower
  • deficit will fall to 3.95 of GDP in 2015

Pound liking it so far with cable upto 1.5091 and EURGBP continuing its decline to 0.7017

  • working tax credit cuts to be scrapped

That's a big retreat by Osborne