Hunt minces mini budget in latest government U-turn
Chancellor’s emergency statement saw most tax cuts scrapped, with universal energy bill support to end in April 2023
Budget
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Fitch downgrades UK’s outlook to negative
Ratings agency cites ‘lack of independent evaluation’ of mini budget among reasons
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Industry backs chancellor’s plan to extend VCTs beyond 2025
Half of VCTs sell their goods and services abroad, compared to the UK average of 10%
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Second Kwarteng climbdown sees fiscal plan brought forward
But sterling rebound may not mean confidence in the government is on the rise
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Kwarteng backtracks on tax cut for highest earners
The ’embarrassing’ U-turn follows criticism from Conservative MPs and the IMF
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Quilter’s Wealthselect MPS backs fixed income but swerves gilts
Weighting to equities pared back as ‘further deterioration’ expected
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IMF rebukes UK tax cut plans
As Bank of England rolls out government bond buying programme in an effort to calm markets
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Mini budget sets off a mini-quake in gilt markets
‘People are getting out their long-term history books to find an example of worse one-day price moves’
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Weekly outlook: Chancellor to unveil UK spring budget
Key events for UK wealth managers for the week starting 21 March
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CGT deadline extended for UK properties
Proposals to increase CGT to align with income tax remain unrealised for now
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UK budget underwhelms on green transition ahead of COP26
Budget makes for ‘confusing listening’ as chancellor touts government’s net zero strategy, while reducing rates for domestic flights
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FTSE led by pub stocks hopped up on overhaul to alcohol duties
JD Wetherspoons one of the biggest FTSE All-Share gainers after chancellor’s autumn budget