UK may delay shipbuilding plans amid GBP 10bln defence budget cut, according to The Times
Newsquawk Staff ·
UK may delay shipbuilding plans amid GBP 10bln defence budget cut, according to The Times.
What it means
The potential delay in UK shipbuilding plans due to a significant defense budget cut signals a retrenchment in military spending. This could affect the UK's defense partnerships and overall geopolitical stance, possibly resulting in heightened scrutiny from allies and impacting defense-related sectors. Market reactions may be felt in GBP and defense stocks as investors assess the broader implications.
Sources
- JPMorgan Chase (JPM) reportedly faces an additional GBP 100-150mln tax bill following the UK government's decision to double the corporation tax surcharge on banks, potentially jeopardising plans for its new London headquarters, Sky News reports
- [MARKET UPDATE] Limited Gilt reaction on the Chancellor's speech. Upside in Gilts on the DMO remit, size as expected and marked skew away from long-end. OBR commentary then pared some of this.
- UK DMO says gross gilt issuance planned for 2026/27 is GBP 250.6bln (exp. 249.6bln, prev. 246.2bln in April remit)
- UK PM Burnham declines to rule out another Brexit referendum at PMQs
- Announcement UK Chancellor Healey will freeze NHS prescription charges at GBP 9.90 for another year may have been removed from the budget in a late night scramble, reports The Telegraph
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