Last week’s fiscal statement, the ‘mini-Budget’ that the Government insisted wasn’t, in fact, a Budget at all, came at 9:30am on Friday 23 September and brought with it some significant, unexpected and (in some cases) controversial measures.
Amid preceding uncertainty about if, when, or whether there’d even be a fiscal statement this month, recently appointed Chancellor Kwasi Kwarteng ushered in what he heralded as “a new era” for businesses and families across the United Kingdom.
If you were in any doubt that this wasn’t your typical Budget, or a Budget at all, look no further than the absence of an economic outlook report from the Office for Budget Responsibility (OBR).
The Chancellor emphasised that, in light of this, there would be a fuller package of announcements to come later in the autumn.
But the measures announced last week, he deemed, were actions that needed to be taken without delay to prevent further economic decline.
As recently as August, the Office for National Statistics reported that inflation, as measured by the consumer price index, had risen by 9.9% in the 12 months to August 2022 – far above the 2% inflation target the Bank of England aims for.
You might be interested in...
11 Sep 2026
Many businesses dismiss their innovation as "just part of the day job". But for tax purposes, innovation often hides in everyday problem-solving and technical improvements. Discover what really qualifies as R&D.
Learn more
What really counts as innovation for tax purposes?
11 Sep 2026
Could your business operate without you? Join our webinar in October to learn how to reduce owner dependence, strengthen leadership and build long-term business resilience.
Learn more
Webinar: Building a Business That Doesn’t Depend on You
02 Sep 2026
For international groups, uncertainty around audit requirements can create unnecessary pressure, duplicated work and reporting delays. This article explains the difference between UK statutory audits and group reporting.
Learn more
UK statutory audit vs group reporting: what international groups need to know
01 Sep 2026
Why resilient SME leaders are turning to scenario planning to stay agile, reduce risk and make decisions with confidence.
Learn more
The New Business Strategy Isn’t One Plan – It’s Multiple Futures
26 Aug 2026
From 30 Sept 2026, the charity audit threshold rises to £1.5m. Learn what this means for your charity and whether you still need an audit.
Learn more
Charity audit thresholds are increasing: should your charity still have an audit?
24 Aug 2026
TC Group is pleased to announce the merger with South West-based accountancy firm Prydis Accounts in Devon and Cornwall.
Learn more
TC GROUP MERGES WITH PRYDIS ACCOUNTS