Ian Stewart, Chief Economist at Deloitte, comments on the Chancellor’s statement this morning

Ian Stewart, Chief Economist at Deloitte, said in reaction to the Chancellor’s statement this morning:

“This is a shock and awe move aimed squarely at reassuring markets. Less government spending and higher taxes will dampen growth, easing the pressure on the Bank of England to raise interest rates.
The odds of a lower peak in UK interest rates but a deeper recession have just risen.”

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