On his first day in office the new Prime Minister, Rishi Sunak, has delayed the autumn statement which was expected on October 31. The Budget is now scheduled for November 17.
The statement will include the Office for Budget Responsibility’s (OBR) economic forecast, as well as plans to put public spending on a sustainable footing, decrease debt and restore stability.
Most of the measures announced in the mini-Budget in September under PM Liz Truss have since been reversed.
The new Chancellor, Jeremy Hunt said:
“I want to confirm that it will demonstrate debt falling over the medium term, which is really important for people to understand.
“But it’s also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances.
“And for that reason the Prime Minister and I have decided it is prudent to make that statement on 17 November, when it will be upgraded to a full autumn statement.”
“The OBR also want to make sure that their forecasts are the most accurate possible and there have been a lot of changes even in the last 48 hours.