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

Wealth managers turn to private markets to offset geopolitical risks

Wealth managers turn to private markets to offset geopolitical risks

60% allocation in 2025

Patrick Brusnahan
clock 26 January 2026 • 1 min read
Chris Justham: All I know about love and the next 12 months

Chris Justham: All I know about love and the next 12 months

'There's power in admitting that you don't know'

Chris Justham
clock 22 January 2026 • 2 min read
Rathbones looks for growth after year of internal focus during Investec merger

Rathbones looks for growth after year of internal focus during Investec merger

Growth in funds under management and administration to £115.6bn

Eve Maddock-Jones
clock 15 January 2026 • 3 min read