Truss & Kwarteng - A Year On

The abrupt resignations of both Truss and Kwarteng painted a stark picture of instability and poor decision-making at the highest levels of government. The lack of accountability during those 45 days was striking, as Kwarteng repeatedly refused to apologise for the mistakes he made. The so-called Growth Budget was anything but growth. Landlords and developers have been saddled with huge amounts of interest costs, and the homeownership of millions has dwindled. House building has practically stalled.

One year later, the nation is still grappling with the aftermath of this turbulent period. While the full extent of the recovery remains uncertain, Hunt's decision to reverse most of the mini-budget's tax measures signals a shift toward more responsible fiscal management. The Truss and Kwarteng era serves as a stark reminder for all of us of the importance of sound economic stewardship and the need for leadership that prioritises stability and accountability above all else.

It's hard to believe the Nightmare on Downing Street is 12 months ago already. Truss and Kwarteng were like a demolition ball filled with TNT, doing more to destroy the UK economy in a few short weeks than any other pairing had done in close on the last 100 years.

The effects of their interaction are still being felt both by business and consumers (just look at the inflation and interest rates) - yes of course external factors like Covid and the war in Ukraine have played their part, but a large part of the blame has to be placed on the upheaval caused by Tweedle-Dum and Tweedle-Dee.

What lessons can be learned? - never allow the Government (of whatever political colour) to get around the rules on budget scrutiny by the Office of Budget Responsibility by having a 'budget which isn't a budget' -- and always make sure that any budget announcements which could spook the markets are briefed to them in advance, so they can question and hopefully temper their reaction

"The Lifespan of a Lettuce" is how Liz Truss will be remembered alongside her side-kick "Kamikaze Kwarteng". They are responsible for the sky-high mortgage rates which are affecting millions of borrowers up and down the country. Rishi Sunak was elected by his party members to fix the damage caused by the previous leadership but he has failed to do so. Politicians are meant to serve the electorate but sadly it seems they are all in it for themselves.

I think Liz Truss and Kwasi Kwarteng did a fantastic job - of paving the way for the first Labour government in 13 years, something that, as a small business owner I've often dreaded, but am now preparing for.

Whilst some commentators claimed their "budget-that-wasn't-a-budget" was bold, in my opinion, it was reckless given that many businesses were recovering from the impact of a triple-whammy - namely Brexit, Covid and the war in Ukraine.

Twelve-months on and the country feels far from stable, it actually feels like we're sat on a knife-edge. Rather worryingly business insolvencies appear to be on the increase, with several high-profile names falling in recent weeks too. That said, SMEs are often praised for their resilience and grit, so we'll just roll up our sleeves and crack on!

As for lasting impressions of Liz Truss...she'll forever be remembered by pub quizzes up and down the country (that's if they're still open).

So much can be learnt from their brief time in office, a lot of the things we used to take for granted about checks and balances being in place to prevent a leader going totally off piste and causing carnage has been shattered, their brief time untold volatility and uncertainty. Speaking purely from the point of view of owning a mortgage firm we saw business dry up overnight, people who had to remortgage being put in a challenging position as their payments rose so rapidly. Ripples from that disastrous budget are still being felt in the property and mortgage market, a year later and the damage is still being felt.

The "went a bit too far" mini-budget caused chaos in the mortgage market, caused mainly by the "markets" not liking the Conservative party members' choice of new Prime Minister it seems. A year on the markets have now given negative reactions a few times to their chosen PM, Rishi, which makes you wonder who is in control of the UK - the markets or the politicians. The UK has proven in the last 12 months how resilient it is by dodging a likely recession, we see good times ahead - pending a nuclear war occurring.