STIR: Repo Reference Rates

• The BMA has released a statement ( here ) noting that resident doctors have rejected the government's offer and will continue with their planned strike from 7:00GMT on 17 December for 5 full days.
• This had been out to ballot and there were hopes the strike would be called off given the offer from the govt and the rising flu cases in the UK.
• It is likely to have a small downward impact on UK December GDP / services output.
• Bigger picture the outturn of the vote (83% still in favour of striking with 65% turnout) suggests that the government is going to find it difficult to agree a deal with doctors without increasing pay further (after large pay rises seen in recent years) and incurring a large fiscal cost.
• Given the size of the gap between the sides, there may well be more strikes in the new year, too.

DUG6 106.70/106.80/106.90/107.00 call condor paper paid 3 on 5K.

ERU7/Z7 paper paid 6.5 on 6.5K