The Minister of Finance presented a back to basics budget statement on Wednesday afternoon when he submitted the mini-budget (or Medium Term Budget Policy Statement - MTBPS - as the Treasury prefers it to be called).

And that is not my opinion, but the opinion of that ultimate judge, the bond market. My colleague and our bond market expert, Madalet Sessions, pointed out that bond rates dropped across the yield curve by between 8 and 12 points - giving investors a capital gain on the day of between 0.8% and 1%. She points out that some of it was also due to the good inflation numbers that also came out on Wednesday, but it was still a significant endorsement. Madalet is also of the opinion that this mini-budget creates space for monetary policy - meaning interest rates could move in a more subdued way.

Several economists expressed their satisfaction with the budget. Why such endorsements?

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Written by political and trend analyst JP Landman