Today, 5 September, Great Britain has a new Prime Minister, with Liz Truss elected to be the new Conservative Party leader and tomorrow will be confirmed as Prime Minister.
A Truss government will almost certainly bring a new Chancellor of the Exchequer, with Kwasi Kwarteng, the current Secretary of State for Business, Energy and State Industrial Strategy the favourite to become the new Chancellor.
With UK inflation rising to 12% and no sign of stopping, fuelled in part by the Social Levy Nic increases, rising energy prices and union pressures for inflation matching wage increases, the new Government will have to take fast, drastic action to avoid a social, economic and health catastrophe in the coming six to twelve months.
The 2022 Budget was expected to be in November, but the new Chancellor will have to take action way before then. With his background as Secretary of State for Business, Energy and State Industrial Strategy (nice to know there is a strategy), Kwasi Kwarteng should be ideally placed to make the necessary adjustments.
All of which will likely leave Stratford upon Avon MP Nadhim Zahawi, the current Chancellor of the Exchequer who assumed office on 5 July, as the Chancellor who served the second shortest time in office. Only the late Iain Macleod, who died in office in 1970 after just 30 days, served for less time.
Whenever the Budget is and whoever the Chancellor might be, Dafferns will as always provide our detailed perspective on the Autumn 2022 Budget and how it will impact you, your family and your business.