The UK budget is due later today, Wednesday, October 30, 2024.
Commerzbank analysts give a heads up for GBP gains:
- if the budget combines austerity with hope of tackling long-term investment
- “This should be positive for the pound as it would strengthen the U.K.’s long-term growth potential"
- government faces a challenge in facilitating investment so that it ends years of underfunding in the public sector
- Challenge is that the UK has spent more than it has earned in recent years, making the fiscal situation difficult
GBP has already tikced up in the day leading to the budget:
