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Markets not affected by Budget says Aberdeen

Markets won&#39t be adversely affected by the tax hikes in yesterday&#39s budget because they were tipped as to what was coming ahead of the budget says Aberdeen Asset Management.

The Government acted wisely by raising expectations about the size of tax increases before the budget and then hiking them less than expected on the actual day says Aberdeen.

As of 13:15 on Thursday, the FTSE 100 was up 9.2 points to 5273.1.

Head of global strategy Michael Karagianis says: “If anything the Government has shown smart political spin doctoring by raising expectations of a more onerous tax impost ahead of the event and undercutting expectations. In that regard, markets are unlikely to be significantly moved by the announcement today having had more than enough time to digest the expected move.”

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