Hello and welcome to The Rest is Money with me, Steph McGovern.

And with me, Robert Pestern, and we're recording on Sunday night ahead.

I think of most sort of traders will regard as a sort of

anxious wait to see if UK government bond prices have stabilized. Because we did see, it wasn't

devastating, but we saw quite a big fall in the price of UK government debt on Friday after, I mean, just actually

chaos ahead of a budget like, I mean, I've never experienced. I've been around this territory

for decades. I mean, I've lost count of how many budgets I've covered and I've never known

chaos.

It is really remarkable.

Yeah, because we are used to from doing the budgets every year, having leaks and, you know,

things being put out there to kind of test the water on what people might think of these potential

decisions that they're then going to announce on the budget.

That's quite common, but not to you all to be brought into, you know, into a meeting, a briefing

one morning to be told about this big change that's potentially going to happen. And then a few

days later, it to be said, is not going to be happening like why why didn't

i don't understand why we're not just waiting until the day but anyway we can talk more about that

do you do you want to just explain a bit about why we have this kind of you turn then on Friday

because you you know you've got some interesting stuff on the numbers behind this and the black hole and that's part of the change is to do with this, that way it was not being, having a bigger black hole as we thought.

But explain what you know, Robert.

It was weeks and weeks and weeks ago, and the OBR had concluded having done what's called a supply-side review of the economy,

it concluded it would be growing slower than it had been expecting in recent years.

They then downgrade their expectations of tax revenues.

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