CNBC's UK Exchange newsletter: Britain’s Reeves paints a confusing picture as pressure builds from all sides [MSNBC.com]
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Source: MSNBC.com
But that is in the past. This century has frequently seen brazen leaks of likely Budget announcements, although most chancellors hold back something new for the day, akin to a magician producing a rabbit from their hat.This Budget, though, has been characterized by regular "kite flying," in which Budget measures under consideration were leaked to see how they would land with the media and public.It has been an extraordinary period. In the most flagrant breach of the old convention, Reeves gave a "scene setter speech" on Nov. 4 during which she indicated she would break Labour's commitment last year not to raise income tax rates. The message was reinforced six days later in aBBC interview.Astonishingly, the following Thursday evening, theFinancial Times reportedA £30-billion fiscal holeIt has been Budget-making via megaphone and the markets have reacted to every leak.And not just markets: Rightmove, the U.K.'s biggest property portal, said on Monday this week that average asking prices
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