Chancellor of the Exchequer Rachel Reeves, has been able to expand her fiscal buffer to £22 billion. This is according to an early release of the Office for Budget Responsibilities forecasts. That compares to expectations of £15 billion.So this number was much better than anticipated. It sent yields down when it initially hit the Bloomberg terminal at just some minutes ago. The document appears to be what it is genuine.It was published in error, though, by the OBR ahead of the expected release, which is usu ...

Fiscal Policy - UK Chancellor Rachel Reeves is expected to announce an improved fiscal buffer in the upcoming budget [1] - A close colleague will inform finance executives about this development [1]

Fiscal Policy & Economic Outlook - The UK government faces a challenging budget season with potential tax increases and spending cuts [1] - The government aims to meet fiscal rules, reduce debt as a share of the economy, and balance day-to-day spending with tax receipts [2] - The government acknowledges global economic pressures including conflict in the Middle East, Russia's aggression in Ukraine, higher defense spending, and increasing trade barriers [2] - The government recognizes the need for a buffer to absorb economic shocks, but building more headroom requires further tax increases or spending cuts [4] - The Independent Office for Budget Responsibility (OBR) will provide forecasts, and the government aims to exceed those expectations through policies on trade, investment, planning, and capital market reform [3][14][15] Taxation & Investment - The government increased taxes on the wealthiest individuals and businesses in the previous year [5] - The government aims to create a pro-growth budget that attracts and retains talent and encourages business growth and investment in the UK [6] - The government has secured significant foreign direct investment, including from US technology companies [7] - The government has made changes to tax arrangements for non-domiciled individuals [8] - The government doubled the number of visas available for high net worth individuals, entrepreneurs, and academics in growth sectors [9] Welfare & Employment - The government emphasizes the importance of managing welfare budgets and reforming the welfare system [10] - The government has implemented changes to the universal credit system to reduce incentives related to health-related elements [11] - The government announced a youth guarantee to help young people not in education, employment, and training get back into work [11] - The government is addressing challenges in youth unemployment and inactivity with targeted programs [12]