Cable rebounds to trade higher on budget statement

UK abolishes stamp duty for first-time home buyers

It's been a whipsaw in cable as the pair fell down to 1.3214 from 1.3250 on the initial headlines from the budget but it's bounced back to 1.3250, which is slightly higher.

The UK office for budget responsibility (OBR) is out with its take on the budget and said the government has chosen to deliver a significant near-term fiscal giveaway. They added 2.7B to borrowing next year and 9.2B to 2019-2020.

At the same time, they lowered trend productivity by 0.7 percentage points a year.

Here are all the forecasts from the OBR: