As the National Mourning period for the Queen ends, many look ahead to Fridays’ Mini-Budget announcement


It has been a strange couple of weeks since the death of HRH Queen Elizabeth, who passed away at the impressive age of 96 years old. And as the official National Mourning period comes to an end, many are looking with a glimmer of hope towards the mini budget announcement on Friday. 

The ‘Mini-Budget’ aka the fiscal statement should focus primarily on helping households and businesses through the winter months. The plans it lays out could offer some relief to many, with the eagerly anticipated new energy price guarantee that will freeze energy costs at their current levels from October 1st 2022.  

Many individuals will be hoping that further help with their finances and cost of living, may come from specifically targeting energy costs, such as removing VAT from energy bills, as well as reversing the latest NIC increase. VAT cuts are likely to have a significant impact on families and household finances, even if it is in the short-term.  

With regards to the property industry, the fall in property prices is insignificant considering that there is usually a dip in sales at this time of the year, from the end of the summer months. As the Managing Director of Halifax Russell Galley, reminds us, ‘It is worth noting that house prices remain more than £30,000 higher than this time last year.’ 

The Queen's death, along with the national mourning period of shared grief, and ultimately her funeral, brought with it a sense of national comradery and patriotism that hasn’t been seen for many years. One would hope that this renewed sense of optimism mixed with some positive news from the upcoming fiscal statement, will transpire favourably, not only in the economy, but for our nation as a whole.