UK: buyer beware for creditors
- Downgraded growth forecasts and increased expenditures drove another large rise in the Spending Review’s projections for public sector net borrowing. However, my bottom-of-consensus view for growth in 2021 creates risks of even more borrowing.- Despite the desperate need for supportive creditors, the government sanctioned a permanent reduction in the RPI inflation measure that will be materially detrimental for inflation-linked gilts. No compensation will be offered in good faith… its buyer beware.
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