SUMMARY
The autumn statement delivered by UK Chancellor Jeremy Hunt will hurt all taxpayers, with the government looking for additional revenues to fill the fiscal hole. But the fiscal tightening will not change the country’s economic outlook.
Get insights into your wealth and perform key transactions any time with our digital banking platform.
Learn more about In ViewHelpOnline securityGet insights into your wealth and perform key transactions any time with our digital banking platform.
Learn more about In ViewHelpOnline securityGet insights into your wealth and perform key transactions any time with our digital banking platform.
Learn more about In ViewHelpOnline securityPlease be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.
Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían redactarse únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.
Informamos que as comunicações verbais e por escrito do Citi podem estar em inglês, pois talvez não possamos fornecer comunicações relacionadas a serviços em todos os idiomas. Essas comunicações podem incluir, mas não estão limitadas a, acordos de contas, declarações e divulgações, mudanças nos termos ou taxas; ou qualquer serviço de sua conta. Se você precisar de ajuda em um idioma diferente do inglês, entre em contato conosco, pois temos serviços de idiomas que podem ser úteis para você.
请注意,花旗集团可能使用英文进行口头和书面通信,因为我们可能无法以所有语言提供与服务相关的通信。这些通信可能包括但不限于账户协议、账单与披露声明、条款或费用变更,或为您账户提供的任何服务。如果您需要英文以外的其他语言的帮助,请与我们联系,因为我们提供可能对您有帮助的语言服务。
Please be advised that verbal and written communication from Citi may be in English as we may not be able to provide servicing related communications in all languages. These communications may include, but are not limited to, account agreements, statements and disclosures, change in terms or fees; or any servicing of your account. If you need assistance in a language other than English, please contact us as we have language services that may be of assistance to you.
Por favor, tenga en cuenta que las comunicaciones verbales y escritas de Citi podrían redactarse únicamente en inglés, ya que, tal vez, no podamos proporcionar comunicaciones relacionadas con los servicios en todos los idiomas. Estas comunicaciones podrían incluir, entre otras, contratos, divulgaciones y estados de cuenta, cambios en los términos o en los cargos, así como cualquier documento de mantenimiento de su cuenta. Si necesita ayuda en un idioma distinto al inglés, por favor, comuníquese con nosotros, ya que tenemos servicios de idiomas que podrían serle útiles.
Informamos que as comunicações verbais e por escrito do Citi podem estar em inglês, pois talvez não possamos fornecer comunicações relacionadas a serviços em todos os idiomas. Essas comunicações podem incluir, mas não estão limitadas a, acordos de contas, declarações e divulgações, mudanças nos termos ou taxas; ou qualquer serviço de sua conta. Se você precisar de ajuda em um idioma diferente do inglês, entre em contato conosco, pois temos serviços de idiomas que podem ser úteis para você.
请注意,花旗集团可能使用英文进行口头和书面通信,因为我们可能无法以所有语言提供与服务相关的通信。这些通信可能包括但不限于账户协议、账单与披露声明、条款或费用变更,或为您账户提供的任何服务。如果您需要英文以外的其他语言的帮助,请与我们联系,因为我们提供可能对您有帮助的语言服务。
The autumn statement delivered by UK Chancellor Jeremy Hunt will hurt all taxpayers, with the government looking for additional revenues to fill the fiscal hole. But the fiscal tightening will not change the country’s economic outlook.
This is about broadening the tax base, spreading the pain far and wide. £55bn of tax increases and spending cuts will materialise in 2024 and after the next election in late 2025.
Public spending will also decline in real terms since outlays are expected to increase by only 1% in nominal terms.
Much of the fiscal tightening exercise is backloaded, with the freeze in thresholds happening from April next year and continuing into the following year, by which time the government hopes that the economy will be recovering enough to improve the conservative party’s chances for the next parliamentary elections to be held before January 2025.
If the package helps to lower inflation by lowering demand and stabilizing government debt, it will at the margin reduce the amount of interest rate hikes that the Bank of England (BoE) will likely need to deliver in the final few months of 2022 and the start of 2023.
Markets have barely reacted to the news, suggesting that there were very few surprises and the effort to rebuild credibility continues, allowing investors to focus on long-term fundamentals of the UK economy and the prospect of a credible path towards debt sustainability.
The fiscal stimulus announced by the Chancellor will lead to a deterioration for domestic UK equities, due to lower domestic demand and cost saving incentives taken by UK households.
As the UK battles through a recession the sterling should remain range bound, which should be supportive for the UK large cap equity market, given that most of UK firms generate a large part of their revenue (over 70%) overseas. However, not all UK equity markets will benefit as mid and small cap market generate most of their revenue domestically.
To help put you in touch with the right advisory or team, please answer the following questions.
Our services have a minimum investment level of $5 million.
Based on the information provided, we believe that a Citigold relationship may be most appropriate for your needs.
To find out more: Visit Citigold
Thank you for your interest in Citi Private Bank.A member of our team will be in touch with you shortly.
To help put you in touch with the right advisory or team, please answer the following questions.
Our services have a minimum investment level of $5 million.
Based on the information provided, we believe that a Citigold relationship may be most appropriate for your needs.
To find out more: Visit Citigold
Thank you for your interest in Citi Private Bank.A member of our team will be in touch with you shortly.
Sign up to join our network of like-minded global citizens and gain access to content, events and beta-test programs designed to support progress makers across the world.
Thank you so much, we are excited to see where this takes us. We’ll be back in touch soon with more information.