World
BRITAIN’S NEW FINANCE MINISTER FACES MAJOR BUDGET TEST AS BORROWING COSTS RISE
Britain’s Chancellor John Healey will deliver his first national Budget on October 28 as rising government borrowing costs and high energy prices reduce the Treasury’s financial flexibility. Reuters estimates that the government’s fiscal buffer, which stood near £24 billion in March, may have fallen to between £8.5 billion and £20 billion. Ten-year gilt yields are around 5.33%, while long-term borrowing costs rose above 6% earlier in October. Investors are also watching for a possible increase in taxes on banks, although no such measure is confirmed until the Budget is formally presented.
BigV•1h ago•1 min read