City Cheers ‘No Harm’ Budget as Gilt Yields Drop and Pound Holds Steady

City says the budget is a ‘no‑harm’ masterpiece; gilt yields fell and the pound stayed flat.

When the chancellor presented a budget that avoided the usual market scare, gilt yields slipped and the pound held steady, leaving City traders to sigh in relief.

Gilt yields slipped to a level that made even the most seasoned City trader wonder if the budget was secretly a magic trick.

The budget, described by the Treasury as a ‘no‑harm’ exercise, avoided the fireworks that often send gilts soaring and the pound wobbling.

The chancellor’s speech steered clear of dramatic policy shifts, leaving markets breathing easier than a long‑awaited spring break.

Analysts noted that headline figures show a £1 increase in the government’s interest bill due to higher inflation and rates, but the overall tone was one of calm, and the City seemed to applaud.

Some City members are already drafting a new slogan: “Budget – the only thing that falls faster than a gilt yield.”

As the pound remains flat, traders are now debating whether to invest in the next budget or simply enjoy a quiet cup of tea.