The Budget and The Markets
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Trading Features / Strategies from Simon Denham of Capital Spreads.
Today is likely to be very quiet in the UK as we all await the Chancellor’s budget statement this afternoon and you do have to have a certain amount of sympathy with Alistair Darling as he attempts to justify the disastrous mismanagement and profligacy of his boss. Whatever happens now, rightly or wrongly, he will almost certainly go down in history as being one of the worst Chancellor’s of the Exchequer ever.
The betting is on a spread of £175-£200bn of borrowing requirements this year. That means that, just for 2009, the state will be overspending by around £5.5k per wage earner. If you cut out public sector workers, nearly £8.6k for every net contributor into the exchequer.
The prospects for next year are pretty much the same if you have confidence that the recession’s nadir has been reached but it is still a leap of faith that any green shoots will deliver the kind of growth that we have seen over the last ten years.
The unpalatable fact is that the major reason that the UK was doing reasonably well for the entire Labour period in office has been because of the rape and pillage of our future assets to pay for a one off surge in public sector spending.
The above comments do not constitute investment advice and neither Capital Spreads nor Clean Financial accept any responsibility for any use that may be made of them.
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'The Budget and The Markets' edited by DB, updated 22-Apr-09
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