One has called the measures a 'very courageous, bold and innovative programme' that will 'avoid a long and deep recession'.
Friday's 'fiscal event', which saw cuts to both the basic and upper rates of income tax funded by borrowing, were greeted with a nervous reaction by the money markets.
Gilt yields – effectively the interest rate on government borrowing – also rose, and several mortgage lenders responded by closing to new business. "I think it would be wrong to judge or assess a major macroeconomic decision simply by the reaction of the money markets in the hours that follow.
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