The FTSE 100 and sterling are lower on Budget morning. Investing.com reported at 08:18 GMT that the index was down 0.30%, extending Tuesday's fall, and that sterling was down 0.14% at $1.3288.
The bank ING said a relief rally in gilts could follow if the Budget turns out to be, in its words as quoted by Investing.com:
"more boring than Burnham's ambitions would imply"
FXStreet describes sterling and gilts as calm but expects any relief to be short-lived. It says a headroom buffer of around £15bn against the fiscal rules should be enough to keep bond traders onside. It also expects small, targeted tax rises on banks, online retailers and gambling.
None of these measures has been confirmed by the Treasury. The Chancellor, John Healey, delivers the Budget to the Commons later today.