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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

What does a new PM and chancellor mean for investments?

What does a new PM and chancellor mean for investments?

'What is important is what happens over the long term'

Jasper Thornton Boelman
clock 23 July 2026 • 4 min read
SJP rebrands global equity income fund and reduces charges

SJP rebrands global equity income fund and reduces charges

Appoints Acadian as investment adviser

Patrick Brusnahan
clock 22 July 2026 • 1 min read
Beyond the 60/40: Why the traditional portfolio blueprint is being tested again

Beyond the 60/40: Why the traditional portfolio blueprint is being tested again

'Bonds should not be doing all the defensive work'

Will Dickson
clock 09 July 2026 • 4 min read