UK Chancellor: We have inherited overspending of £22 bilion, not to act isn’t an option

There are rumours of a capital gains tax.

• Disaster of Truss’ mini-budget shows what happens if you don’t take action
• We will cut spending projects worth £8 billion next year
• We will be taking immediate action
• If left unaddressed, this would result in a 25% increase in the budget deficit this year

Cable is under some pressure today but it’s due to broad USD strength.

Update: Launches multi-year spending review says will change the fiscal framework in the autumn. Says budget will contain difficult decisions on welfare, spending and tax. The autumn budget will be on Oct 30.

This article was written by Adam Button at www.forexlive.com.