The 1-week implied volatility for the pound is at its highest since March last year, indicating that traders are a little nervous ahead of the budget announcement later. Labour will be setting their first budget in 14 years, hoping to meet their election promises and avoiding the chaos that ensued from the Truss-Kwarteng mini-budget back in 2022.For one, tax hikes are very much anticipated with what many are dubbing to be likely the biggest tax hikes in the UK in three decades. But it is the borrowing part that will be closely watched, with chancellor Rachel Reeves expected to announce some £40 billion worth of fiscal measures. For some context, that's roughly 1.25% of the UK's economic outp
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