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Andy Burnham, expected to replace Keir Starmer as prime minister on July 20, is considering rolling a full departmental spending review into an expansive autumn budget, with Treasury officials already examining a combined tax-and-spending statement, the Financial Times reports. Bundling a land tax, utilities nationalisation plans and a 3.5%-of-GDP defence commitment into one event would concentrate fiscal risk pricing for gilts and sterling into a single high-stakes announcement, with larger borrowing needs likely to pressure the long end of the gilt curve. Watch whether the compressed three-month window for departmental settlements slips, and any Debt Management Office issuance signals that would confirm how much of the spending is funded by new borrowing versus revenue measures.
As a Macro signal, watch whether it changes price action, volatility, or flows around GBP=X.
Original Source: InvestingLive News
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