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UK government attempt to play down potential for tax cuts

The UK government has tonight attempted to play down talk of £15 billion tax cuts although the potential for a move in this area has not been ruled out completely. Yet again the markets will be confused as to the future direction of the government and its economic policy, a throwback to the housing sector and the on-off on-off stamp duty reduction programme.

As we have covered on a number of occasions, the stock market and money markets dislike confusion more than any other element attached to the economy as this does not allow various assets to be priced to take into account future economic policy. There is some speculation that we will see movement with the government very soon as the Bank of England is expected to announce a series of downbeat numbers this week which should confirm that the UK is moving into recession.

An announcement by the Bank of England regarding the economy could offer the perfect scenario to propose a number of substantial tax cuts in the short to medium term. The markets are desperately looking for direction with regards to the economy and will be demanding confirmation and information in the short term.

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