UK Autumn Statement likely to revise forecasts for PSNBex budget deficit

UK's joint spending reveiw and Autumn statement will be published by the government today. There will be one speech, one document and one fiscal event.

The report discusses on the governement's budget for next year, expected income and spending levels, borrowing levels and the government's financial objectives.

The Chancellor wrote to the Office of Budget Responsibility (OBR) in September, asking them to publish the forecast on Nov 25, 2015, making this a joint Spending Review and Autumn Statement.

"The OBR is likely to revise upwards its forecast of the PSNBex budget deficit made in July from £69.5bn to £73bn. The DMO is unlikely to alter its gilt issuance programme materially, instead adjusting its planned Treasury bill issuance for the remainder of the fiscal year", says Societe Generale in a research note.