Learn › Economic history › The 2022 Mini-Budget
Economic history · Britain
On 23 September 2022 Liz Truss's government announced tax cuts paid for by borrowing. Within four weeks the pound and government bonds had fallen, the Bank of England had stepped in, and most of the tax cuts had gone. What happened, why the markets reacted as they did, and what changed afterwards.
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1 What Was the 2022 Mini-Budget? Tax cuts on a Friday, a falling pound by Monday, and a new Prime Minister within five weeks. 7 steps · 10 min Done 2 Why the 2022 Mini-Budget Was Reversed Borrowed tax cuts against a central bank raising rates, pension funds forced to sell, and the rules that changed. 7 steps · 10 min DoneCountry data from the World Bank (CC BY 4.0) and the UNDP Human Development Report (CC BY 3.0 IGO)
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