Our economics and data editor EdConwaySky explains why the scrapping of the government's mini-budget is 'even more than a U-turn' - and asks if enough has been done to plug the hole in Britain's finances. Latest: 📺 Sky 501, Virgin 602 and Freeview 233
4. The good news is today's measures really do seem to have injected some confidence back into markets. Gilt yields are now down markedly.
That, in turn, is pushing down expectations for Bank of England rates, which in turn will likely push down fixed rate mortgages. Quite a relief for everyone.5. When it comes to calming financial markets, this was comfortably the most successful intervention from the government since Liz Truss became PM. Yet she is nowhere to be seen.
The intervention came from an outsider; striking but consistent with this being a credibility crisis.Changing the energy price guarantee from a two-year policy to a six-month policy will potentially save tens of billions. Maybe even £100bn plus, but there's no way of knowing because it depends on future gas prices.
7. Crucially, even though today's measures went further than most people expected, there is still a sizeable shortfall. If Jeremy Hunt wants to get the national debt falling, he'll need to find another £30-40bn of spending cuts and/or tax rises, so there's more to come.
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