Sort of sorted - craziness revisited

As I type this out it is raining heavily and so we'll kick off the first edition of the month  a bit where we were.

Money, your friend and mine started getting into a bit of a mess last week probably because firstly there was nothing to show how the mini budget was costed, the Office of Budget Responsibility seemed somehow to of been ignored although it plays a part in presenting the budget and there also appeared a disconnect between the Bank of England, a super important player and the Treasury.

The latter HAD to but back Bonds to shore up the value of the Pound because the lack of any of the things that might give you the feeling this mini budget had been fully thought through and costed up to and including a report by OBR just were not there.

Making up for lost time with the loss of ten days to mourning can be understood - having a change of Prime Minister with the cabinet changes  at the same time as the death of one Monarch and the appointment of another was exceptional - but this mini budget was extremely important and while having sorted out the messy idea of borrowing while eliminating the upper income tax rate which at least is doing the job of restoring the pounds value, nontheless some 65million was spent before the simple step of just dropping that ill thought out idea was made on Monday and it still leaves interest rates and by extension Mortgage interest rates historically higher for people.

While I have personally felt interest rates needed to rise as in some fifteen or more years the well-being of savers had been neglected - interest rates of a quarter of one percent were frankly a nonsense - the manner this has been reversed has damage confidence in how the economy is been handled just at the point we needed it with all the other issues we face.

I just hope more thought and planning is put into the autumn financial statement in November as this has been damaging episode.