Budget Bought Forward 3 Weeks to Stabilise £ and Gilts

You could not write it could you?  On the night of horrors, spooks and ghouls, Chancellor Kwasi Kwarteng has bought the Autumn budget forwards three weeks to 31^st October 2022.

He suggests that by bringing the Budget forward and ahead of the next Bank of England interest rate announcement, it will allow the markets and the Bank of England Monetary Policy Committee to digest the contents, their likely impact and reaction.

Comment

It would appear to be a sensible move bring Autumn Budget 2022 given that the Chancellor chose not to publish the draft report by the Office for Budget Responsibility (OBR) when delivering the ‘mini budget’ on 23^rd September 2022.  This clearly ‘spooked’ investors and markets and since then, we suggest speculators have been trying to create a ‘run’ on both the pound and government bond borrowing known as gilts.

Will it be ‘trick or treat’ time at Halloween?  We hope it is not ‘trick’ and not too many ‘treats’ as both the economy and the globe need a sound debt, cost of living and energy crisis solution combined with a sensible budget for growth.