UK fiscal: fine-tuning forecast in Spring Statement
- The Spring Fiscal Statement proved to be a perfunctory announcement, with forecast changes marginally more modest than expected. Slight growth upgrades were deemed to be all cyclical, with borrowing trimmed only slightly.- Cuts to the cash requirement were slightly smaller than I expected, but the more significant use of NS&I funding meant the DMO would issue £1bn less than I thought in 2018-19, at £102.9bn.
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