UK Budget: Macro Bytes immediate reaction episode
Update: 2025-11-27
Description
The much-anticipated UK budget has finally been announced. Paul and Luke are joined by Lizzy Galbraith to break down the economic and market implications of the tax rises, spending increases, and higher fiscal headroom. Financial markets liked what they saw in the budget, but the team highlight the backloaded nature of the tax increases, question markets around future spending plans, and the possibility of change at the top of UK politics in 2026.
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