- Focus: Chancellor Rachel Reeves is expected to unveil "stealth taxes" aimed at higher earners instead of direct income-tax hikes.
- Potential Measures: Freeze on income-tax thresholds, a mansion tax, and caps on certain tax-free pension allowances.
- Market Reaction: Earlier bond-market selloff has stabilized as tax and spending details leaked.
- Morning Market Moves:
- GBP/USD: Little changed
- FTSE 100: Up 0.3%
- 10-year UK Treasury yields: Steady around 4.5%