UK Fiscal Watchdog Took Forecast Window During Gilts Rally
Pedestrians pass the Bank of England in London.
Photographer: Jason Alden/BloombergBritain’s fiscal watchdog took the interest-rate window used to estimate government borrowing costs for the budget during a steep fall in gilt yields.
The Office for Budget Responsibility said it used “average interest rates and market determinants” for the 10 days to Oct. 21 for the final pre-measures fiscal forecast handed to the Treasury on Oct. 31.