Marks & Spencer Group Plc reported a 17% increase in profit before tax and adjusting items, reaching £408 million ($525 million) in its first half, surpassing analyst estimates of £360 million. However, the company cautioned about uncertainty following recent tax increases in the UK budget.
UK bonds experienced a decline as market concerns grow over the government's plans for significant borrowing and fiscal stimulus in the coming years. The yield on 10-year bonds rose by eight basis points to 4.43%, marking the highest level in nearly a year, and lagging behind both German bonds and US Treasuries.
As UK Chancellor Rachel Reeves concluded her budget speech, bond traders initially appeared satisfied. However, shortly after her presentation, benchmark 10-year gilts reversed their gains and moved into negative territory, signaling the vigilance of bond markets regarding fiscal management.
The UK government is set to abolish a tax regime that provided significant breaks to ultra-rich foreigners, known as non-doms. This move aims to address concerns over tax fairness and ensure that wealthy individuals contribute more to the economy. For more details, visit [Bloomberg](https://www.bloomberg.com).
Rachel Reeves, in her historic first budget as the first female Chancellor of the Exchequer, announced a £40 billion tax increase to enhance public services and address a fiscal deficit attributed to the previous Conservative government. She emphasized the urgent need for action to restore stability and rebuild public finances.
The UK government has announced £63 billion in investments during the International Investment Summit, reinforcing its pro-business stance ahead of the autumn budget. Inflation fell to 1.7% in September, while retail sales reached a record high since July 2022. The Treasury anticipates a £40 billion budgetary effort, with unemployment at 4.0% and significant regional disparities in labor market statistics.
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