Fiscal Levers
Spending Target
£28.5bn
Corporation Tax Δ
+1.5 pts
Capital Gains Reform
£8.2bn
Windfall Energy/Bank Levies
£6.0bn
Borrowing Headroom Expansion
£14.3bn
ING James Smith Insight: "Boring budgets don’t win elections — keeping the surprise factor alive and businesses on edge."
Macro & Market Outcomes Surprise Fiscal Package
Total Revenue Raised
£28.5bn
Deficit Gap
£0.0bn
Gilt Spread Pressure
+18 bps
Business Uncertainty
Elevated (+34%)
Political Boldness Index
82 / 100
Fiscal Funding Coverage
100% Covered
| Component | Category | Amount |
|---|---|---|
| Corporation Tax Adjustment | Tax Revenue | £0.0bn |
| Capital Gains & Wealth Reforms | Tax Revenue | £8.2bn |
| Windfall Energy/Bank Levies | Targeted Levies | £6.0bn |
| Headroom Borrowing | Debt Issuance | £14.3bn |
| Net Available Funding | Combined | £28.5bn |