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- UK's Hunt: Will maintain defence spending at least 2% of GDP
UK's Hunt: Will maintain defence spending at least 2% of GDP
UK Finance Minister Jeremy Hunt is presenting the Autumn Budget to parliament.
Key takeaways
"Will continue to maintain defence spending at least 2% of GDP."
"Will raise schools budget with extra 2.3 billion sterling per year."
"Will delay implementation of social care reforms by 2 years."
"Will raise NHS budget by 3.3 billion sterling in each of next 2 years."
"Tax as a percentage of GDP will rise by just 1% over next 5 years."
"Maintaining tax thresholds for another 2 years."
"We will grow public spending by less than GDP."
"We will raise resource spending by 1% a year in real terms."
"Overall spending on public spending will rise in real terms over next 5 years."
Market reaction
GBPUSD has managed to rebound from the daily low it touched at 1.1800 and was last seen trading at 1.1865, where it was still down 0.35% on the day.
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