The Financial Times came out with a report in the overnight trades, citing that the UK Finance Minister Philip Hammond is set to announce a GBP 13bn annual windfall in the Budget on the back of better-than-expected public finances.
This will help save the chancellor from increasing taxes to pay for NHS spending without raising the taxes.
The independent Office for Budget Responsibility (OBR) will hand over the good news to Mr. Hammond.
FT notes, “the OBR’s reprieve for Mr. Hammond should allow him to avoid presenting a Budget that will infuriate his fellow Conservative MPs and give him more time to hold out for a potential “deal dividend” from the Brexit negotiations.”
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