Severity 5 — Catastrophic💰 economy2022

Mini-Budget — Crashing the Economy in 45 Days

Chancellor Kwasi Kwarteng's mini-Budget announced £45 billion in unfunded tax cuts, predominantly benefiting the wealthy, without an OBR forecast. The pound crashed to near-parity with the dollar. Gilt yields spiked. Mortgage products were pulled overnight. An estimated 1.5 million mortgage holders faced significantly higher repayments. The Bank of England was forced into emergency bond-buying. Truss resigned 45 days after taking office.

Conservative Party logo

Liz Truss — Conservative Party

In power 2022–2022

Source

OBR Economic and Fiscal Outlook

🌍 See this event in context

This event is one entry in United Kingdom's accountability record. Open the interactive map to see the full timeline, polling data, and every documented event.

🌍 View on the map