One of the potential problems that can be encountered when editing a monthly magazine is that events can move on in the period of time it takes for the magazine to be printed and delivered to readers.
To be fair, this doesn’t usually happen very often but it happened last month and again this month.
Let’s start with last month. By the time many readers were opening their copy of the magazine, the coverage of the so-called “mini-budget” delivered by the then-chancellor of the exchequer Kwasi Kwarteng was already out of date.
In the days following the statement, it became clear that the economic plan of the new government under Liz Truss was not popular with the markets. The value of the pound plummeted and the cost of government borrowing soared. It seemed obvious that something needed to be done.
What happened next was an unprecedented rapid change in course and the replacement of Kwarteng with Jeremy Hunt.
Hunt quickly completely tore up the mini-budget and reversed the vast majority of the changes that it brought in. Yet at the time of writing, we now aren’t sure whether his reforms will continue to be government policy.
For in the days before going to print with this edition, there was more political turmoil. Suella Braverman resigned as home secretary and there were chaotic scenes and worrying stories of bullying when MPs voted on Labour’s motion to ban fracking.
The next day, literally as the final touches and checks were taking place on this edition of Charity Finance, Liz Truss resigned as leader of the Conservative Party. This triggered a fresh week-long leadership contest. So, by the time this edition reaches you, we will have another new prime minister. As I write, we don’t have any certainty who the candidates are (let alone the winner) so the future political and economic direction for the country remains something of an unknown.
The charity sector had been looking for some stability and calm after the coronavirus pandemic. Unfortunately, this has not yet transpired. Charities will be bracing themselves for an uncertain time ahead. For charity finance teams, uncertainty creates concerns and the need to keep a closer eye on budgeting. However, they also play a crucial role in navigating these difficult times and ensuring their organisations are ready for better days.
Tristan Blythe is the editor of Charity Finance
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