UK to announce budget on October 28 as bond selloff halves fiscal headroom

UK Chancellor of the Exchequer John Healey confirmed in a video that the autumn budget will be announced on October 28. According to Pantheon Macroeconomics, the global bond selloff triggered by the conflict in the Middle East has reduced the UK’s fiscal headroom from £23.6 billion in the spring statement to about £13 billion. The 10-year gilt yield has risen to 5.268%, its highest level since 2008.