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英国 United Kingdom
从结构上讲,我们对英国国债和英镑持看跌态度。这场战斗可能会赢,但战争肯定还没有结束。英国财政大臣里夫斯秋季预算的基石是260亿英镑的延期增税(例如冻结2028-29年的所得税门槛),这将使她的财政缓冲从99亿英镑提高到220亿英镑,并有助于支付更高的福利支出。
Structurally We Hold Our Bearish View Against UK Gilts and Sterling.The battle might be won, but the war definitely ain't over. The corner stone of UK Chancellor Reeves' Autumn Budget are £26bn of back-loaded tax rises (eg freezing income tax thresholds from 2028-29) which lift her fiscal buffer from £9.9bn to £22bn and help pay for higher welfare spending.