UK Tax And Spending Plan Pushed Back By Two Weeks, Says Hunt

October 26, 2022

A much-anticipated statement for the UK public finances will now be announced two weeks later than planned.

The economic plan was due next Monday, but will now take place on 17 November as a full autumn statement.

Chancellor Jeremy Hunt said the delay would ensure it is based on the "most accurate possible" economic forecasts.

It follows Rishi Sunak's appointment as prime minister on Tuesday, after a four-day contest to replace Liz Truss as Tory leader.

Speaking to reporters, Mr Hunt said the statement would set out plans to see UK debt "falling over the medium term".

He is under pressure to reassure investors of the UK's economic credibility, following financial turmoil after last month's mini-budget.

After his appointment by Liz Truss, he abandoned almost all of the tax cuts in the mini-budget announced by predecessor Kwasi Kwarteng.

The upgrading of the plan to a full autumn statement suggests wider policy decisions may be announced.

The statement was originally scheduled for 23 November by Mr Kwarteng, after the mini-budget pushed up UK government borrowing costs.

It was then pulled forward to 31 October in a bid to calm financial turmoil, but will now be pushed back after Mr Sunak's entry to No 10.

Mr Hunt said the new "short two-and-a-half-week delay" would ensure the "very difficult decisions" required on tax and spending "stand the test of time".

Mr Hunt said he had discussed the delay with the governor of the Bank of England, who "understands" the decision.

The Bank is due to make its next decision on interest rates on 3 November.

Source: BBC
Image source: BBC

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