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

Eve Maddock-Jones
Author spotlight

Eve Maddock-Jones

Editor at Investment Week

More on Investment

Pensions tax breaks: Budget 'kite-flying' creating cash management challenge

Pensions tax breaks: Budget 'kite-flying' creating cash management challenge

Savers and advisers dealing with cash management quandary

Kate Toumazi
clock 14 October 2025 • 3 min read
Partner Insight: Finding the right partner for a managed portfolio service

Partner Insight: Finding the right partner for a managed portfolio service

Francis Clark Financial Planning set up a white-label managed portfolio service for their clients, but as the effects of COVID-19 played out and markets stagnated, they realised they needed a change. Managing Director Chris Reah explains how they found the right solution.

Chris Reah, Francis Clark Financial Planning
clock 13 October 2025 • 5 min read
Watch Professional Adviser's Working Lunch with Baillie Gifford - Decumulation Decisions: Resilient Monthly Income for Retirees

Watch Professional Adviser's Working Lunch with Baillie Gifford - Decumulation Decisions: Resilient Monthly Income for Retirees

Catch up on the discussion

Professional Adviser
clock 10 October 2025 • 1 min read