The UK Annual Budget is released at 12:30 today

Today at 12:30 pm London time HM Treasury will release the Annual Budget. This is an additional budget statement following the parliamentary elections held two months ago.

HM Treasury is the government’s economic and finance ministry, maintaining control over public spending, setting the direction of the UK’s economic policy and working to achieve strong and sustainable economic growth.

This document outlines the planned government’s budget for the year, comprising expected income and spending levels, borrowing levels, financial objectives, and projected investments.

Domestic government spending is a crucial component of the demand for domestic goods and services meaning that higher spending generates work for contractors and creates jobs.

Furthermore, borrowing levels impact the nation’s credit rating and provide insight into its underlying fiscal position.

Therefore, the Annual Budget Release is expected to have a significant impact on the foreign exchange markets that could witness higher volatility in GBP pairs this morning.

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