Summary
This year was an upset for the bookies. In a sly speech designed to take the wind out of the Tories' electoral sails, Gordon Brown mentioned 'tax' just 35 times. The spread betting 'price', or prediction, based on Brown's previous budget speeches, was for 75 mentions. Plenty of traders thought the price too high and 'sold', betting that the danger-word would occur less often this year. They cleaned up.
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Extract
Selling Gordon and Buying Jordan
While half the City was at Cheltenham last week losing its shirt on Rooster Booster, colleagues left behind at their desks were doing rather better on the budget.
The Square Mile runs a lively market on this annual ritual, but it has little to do with the measures announced. At the specialist 'spread betting' bookmakers, traders take positions ...See the full content of this document
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