Money News Overview 28th October: The budget report will be the main focus for the UK

Over the weekend, there has been little movement in the currency market with the pound still sitting close to its highest level against the euro.

A quiet start to the week ahead of the UK budget due on Wednesday.

Over the weekend, there has been little movement in the currency market with the pound still sitting close to its highest level against the euro.

This week’s budget could create some sterling volatility depending on the reaction from the marketplace.

The only data today of note today is the UK CBI distributive trades survey due at 11am.

Tomorrow markets will focus on the German consumer confidence figures, where it is expected that it will show a slight improvement on the previous month. This will be followed by the UK consumer lending, where it is forecasted to show lending has increased.

On Wednesday, there is raft of data beginning with the German & French much anticipated GDP figures that will be very closely monitored.

Later in the morning, you have the EU and US GDP figures.

For the UK, markets will be fully focused on the budget report and the significance of its effects on businesses and the ordinary person.

The biggest expected revenue raiser, set to generate as much as £20bn for public services, is a hike in the employer’s national insurance.

Hikes in capital gains tax and inheritance tax have also been touted as ways the Labour government could find money to balance the books and fix public services.

On Friday, the US dominates in terms of economic data with employment and manufacturing figures being the main focus.

For additional insights on how this could affect your business or to capitalise on market volatility – please reach out to speak to one of our experts.