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If you're not sure about Rachel Reeves' shift i the fiscal rules governing what counts as public debt for the purposes of assessing the levels & sustainability of state borrowing, here's Chris Parry's account of the change(s) which should help a bit....
#FiscalRules #PublicDebt
https://theconversation.com/what-counts-as-national-debt-and-assets-now-heres-how-to-understand-the-uks-redefined-fiscal-rules-242652
#FiscalRules #PublicDebt
https://theconversation.com/what-counts-as-national-debt-and-assets-now-heres-how-to-understand-the-uks-redefined-fiscal-rules-242652
What counts as national debt and assets now? Here’s how to understand the UK’s redefined fiscal rules
Chancellor Rachel Reeves has rewritten the fiscal rulebook but will this new approach to borrowing fuel growth, or is it a risky bet on Britain’s future?The Conversation
So while not engendering Liz Truss style bond-market jitters, nonetheless bond traders seem to have taken the view that Rachel Reeves will need to raise more money (via the bond markets) than is currently expected.... this has led to a dip in prices (as the 'supply' of debt is expected to increase) & a rise in yields.
Whether this troubles Reeves is another issue, but does suggest traders were not quite as relaxed about Reeves' budget as many thought they would be.
#budget #PublicDebt
h/t FT
Whether this troubles Reeves is another issue, but does suggest traders were not quite as relaxed about Reeves' budget as many thought they would be.
#budget #PublicDebt
h/t FT