A non-Budget that was more fantasy economics than fiscal reality

By Richard Steer2022-10-03T05:56:00

Kwasi Kwarteng’s ‘fiscal event’ was so unusual and has caused such turmoil that it is worth reflecting on 10 days’ later, says Richard Steer

In normal circumstances, picking over the bones of a Budget – or in this case a mini-Budget – 10 days later would seem a little pointless. After all, given this morning’s announcement about cancelling the plan to scrap the 45p tax rate, who would bet against umpteen further U-turns, reversals or changes of mind before the first of the Christmas tinsel appears.

However, the “fiscal event” at the end of last month was so unusual and impactful upon all of us working in the built environment that I feel it is worth a more forensic examination with the benefit of a little time.

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