Russian invasion of Ukraine and Budget 2022

While Russia's invasion of Ukraine doesn't quite throw Budget 2022 out the window yet, it does mean the fiscal maths will need a significant re-look.

Finance Minister Nirmala Sitharaman has had terrible luck with her budgets. Of the three she has presented, two have been rendered unworkable even before the start of their respective financial years.

Budget 2020 was, of course, blown away by the coronavirus (Covid-19) pandemic. Presented on February 1, 2020, there was no way to know how bad things were going to get even by April 1, let alone later that year.

What followed were several mini-Budgets that completely overturned any of the fiscal maths the Budget contained.

The Russian invasion of Ukraine this year has done something similar to Budget 2022, although not at