The big financial events of 2022 and what happens next?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 30 December 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Tumultous is a word that doesn't really do 2022 justice. Most people were looking forward to a year of calm as the Covid pandemic faded, but instead got turmoil and the cost of living crisis.

In the UK, we mixed the global unrest dealt by Russia's invasion of Ukraine and the inflation spike, with our own dose of political instability.

A year in which you get through three Prime Ministers and four Chancellors is no ordinary one and the mini-Budget chaos led to the UK's own little self-inflicted financial crisis.

That was dealt with by new Chancellor Jeremy Hunt and new PM Rishi Sunak reversing all of Kwasi Kwarteng and Liz Truss's giveaways and adding some tax hikes on top for good measure.

So, where do we stand at the end of a year of double digit inflation, rapidly rising interest rates and a general sense of gloominess? Will next year be better?

Georgie Frost, Helen Crane and Simon Lambert take a look back at the big financial events of 2022 and look forward to 2023 on this special year end podcast.

Transcript

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0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost and joining me and editor Simon Lambert today for our New Year special is Deputy Editor Helen Crane. And coming up, what a year. We look back over 2020. From soaring energy bills, interest rates and inflation, falling markets, political chaos and mini-budget madness.
0:24.5	We try to make sense of the year that was 2022 as we move forward into 2023.
0:32.2	Don't forget, you can step to date with all the latest breaking money news, just go to this ismoney.com.
0:36.8	Dot UK or download the app.
0:39.3	Market updates and conversations around the financial world don't have to be boring.
0:43.6	The Digest and Invest Podcast by E. Toro is a great way to tune into what's happening in a fun and easily digestible format.
0:50.5	Discover the Digest and Invest podcast at Eatoro.com forward slash academy forward slash podcasts.
0:55.9	But first, rewind to this time last year.
1:00.9	Boris Johnson was still Prime Minister.
1:03.4	The energy price cap was 1,277 per year.
1:06.8	The CPI measure of inflation was 5.4%.
1:09.8	The Bank of England had just increased the base rate
1:12.2	via smidge, 0.15 percentage points to 0.25%. The Fertzi 100 had just recorded its best year since
1:21.2	2016. And Kamikwazi economics? Well, it wasn't even a thing. But fast forward to now. Boris who? Liz
1:29.4	who? The war in Ukraine continues. The energy price cap has had to be frozen at two and a half
1:34.5	thousand pounds a year. Inflation is at 10.7%, the base rate, 3.5%. While the footsie hasn't done
1:40.4	too badly, it's been a horror year elsewhere for investors. And alas, of course,
1:45.1	our beloved Majesty, Queen Elizabeth, passed away. Simon and Helen are here to walk us through
1:51.7	all of that. But Simon, where do you begin? Well, let's try and begin in the Halcyon day, shall we?
2:00.2	Of December 2021, as we looked ahead to the
2:03.0	new year, the big issue was Party Gate. Yes, the Bank of England was raising interest rates due to
2:08.2	inflation, but a smidge and that inflation looks pretty good compared to now. Indeed, it does.
	...

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