Mini Budget 22: A look at 'the straw that broke the camel's back'

How the last three weeks have unfolded since the budget

Eve Maddock-Jones
clock • 4 min read

Since the announcement of the government’s Mini Budget on 23 September, Eve Maddock-Jones says the UK market and economy has been plunged into daily doses of volatility.

Within hours of chancellor Kwasi Kwarteng's delivery of the Mini Budget, sterling crashed almost to parity with the US dollar and has remained weak since. T. Rowe Price fund manager Justin White told Professional Adviser's sister title Investment Week  that a London black cab driver had recently accepted US dollars as payment, calling it "God's currency" amid the uncertainty. Gilt yields hit decade highs in the following days, landing at 5.2% yesterday (12 October) after the Bank of England confirmed it would end its emergency bond buying programme this week, leaving pension funds day...

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