[Darling: Budget Highlights 2010] Reforming financial services — some details
FT Alphaville finally got its hands on a nice, fat hard-copy of the UK’s 2010 Budget on Wednesday, freshly couriered over from Westminster.
We were intrigued by this section of the Budget Report, on ‘reforming financial services’ (emphasis in the original):
[Darling: Budget Highlights 2010] And the analyst verdict is…
Ah-ugh. (click for sound effect.)
At least, that’s the initial view from City analysts. Here’s a fresh batch of commentary on the UK’s budget for your reading pleasure.
First the highly reactive and always prolific Howard Archer,
[Darling: Budget Highlights 2010] A bitter sweet cider party?
UK Chancellor Alistair Darling’s decision to raise duty on cider has already caused a bit of a stir. We note the term is trending on Twitter, with many tweets advocating an impromptu cider party for the nation on Wednesday night.
[Darling: Budget Highlights 2010] Lending
Are you listening Mr Hester and Mr Daniels? From Reuters:
DARLING-HAVE AGREED THAT RBS AND LLOYDS WILL PROVIDE 94 BLN STG NEW BUSINESS LOANS OVER NEXT YR
[Darling: Budget Highlights 2010] GDP and borrowing stats
The bond markets will be squinting at these. GDP projections, via Reuters once more:
DARLING FORECASTS GDP TO GROW BY 1-1.5 PCT IN 2010
DARLING FORECASTS GDP TO GROW BY 3-3.5 PCT IN 2011, IN LINE WITH BOE FORECASTS
DARLING SAYS GDP FORECASTS FOR FOLLOWING YEARS UNCHANGED
And on to borrowing projections:
[Darling: Budget Highlights 2010] The Colour Purple
Ok, so who told everyone to wear purple?
The Conservatives, by the way, stuck to a blue theme.
Some purple facts from Wikipedia:
Blue + Red = Purple
In Japan, purple is known as the colour of death.
[Darling: Budget Highlights 2010] Housing
And on to housing. Via Reuters again:
DARLING – RAISES STAMP DUTY EXEMPTION THRESHOLD TO 250,000 STG FOR FIRST-TIME BUYERS
DARLING – STAMP DUTY EXEMPTION WILL APPLY FROM MIDNIGHT FOR THIS YEAR AND NEXT
And take this,
[Darling: Budget Highlights 2010] Opening remarks
The banks and bashing of. Via Reuters:
DARLING – WILL SELL SHARES IN RBS, LLOYDS, NORTHERN ROCK IN WAY THAT MAXIMISES TAXPAYER VALUE
DARLING – BANK BONUS TAX HAS RAISED 2 BLN STG, MORE THAN TWICE AS
[Darling: Budget Highlights 2010] Goldman says buy the Budget (a bit)
Worried about UK equities in the face of looming fiscal consolidation?
Don’t be, says Goldman Sachs — purveyors of sterling-slump strategies and sterling-strength research.
On the morning of Alistair Darling’s Budget report,