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

AI 'circular financing' raises dot-com bubble concerns

AI 'circular financing' raises dot-com bubble concerns

Quilter’s Marcus Brookes discusses at PA360 North

Sophia Panayi
clock 05 October 2026 • 3 min read
HNWIs embrace bitcoin as a diversifier amid bond and equity convergence

HNWIs embrace bitcoin as a diversifier amid bond and equity convergence

Full crypto regulation from next year

clock 05 October 2026 • 4 min read
Stock market crashes – the rational and the emotions

Stock market crashes – the rational and the emotions

'Several characteristics associated with previous pre-crash periods are present today'

Paul Wood
clock 30 September 2026 • 5 min read