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U.K. Pound, Bonds Turn Lower After Budget Blunder
U.K. bonds and the pound edged lower after the country’s fiscal watchdog released the government’s budget plan ahead of schedule.
The Office for Budget Responsibility accidentally posted its assessment of the budget less than an hour before it was set to be announced by Treasury chief Rachel Reeves in the House of Commons. The OBR apologized for the incident and said it was investigating.
The body raised its growth forecast for the U.K. economy this year to 1.5% from 1%.
It lowered its forecast for 2026 to 1.4% from 1.9%.
It cut its medium-term forecast for productivity growth.
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