Tax, bonds, national insurance and pensions

A slowdown in the UK economy will affect tax receipts and leave Philip Hammond with scant opportunity for giveaways at next week’s autumn statement, according to The Guardian. Publishing new forecasts for GDP growth to slow next year as the Brexit vote takes effect, the consultancy firm PwC said the Chancellor could afford some spending on big projects such as housing and roads if he changed the Government’s fiscal rules. But he would not have the money for large net tax cuts and would most likely keep tight control on spending by central and local government. Bonds The worldwide bond sell-off gathered pace yesterday as expectations that Donald Trump will unleash a massive fiscal stimulus kicked off a global jump in borrowing costs. The Telegraph reports that ‘benchmark UK 10-year gilt yields jumped to a near six-month high, rising to 1.49 per cent in early trading, while 10-year US Treasury yields rose to their highest since January, climbing 12 basis points to 2.27