Kwasi Kwarteng will bring forward the date of his debt-cutting plan to 31 October after pressure from MPs over the unfunded tax and spending promises announced in last month’s mini-budget.
The chancellor told the Commons Treasury select committee that he would use the new date to announce his “medium-term fiscal plan”, alongside the release of fresh forecasts for the economy and public finances from the Office for Budget Responsibility.
The plan to bring forward the date from 23 November follows turmoil in financial markets after Kwarteng promised more than £40bn of unfunded tax giveaways largely directed at middle and high earners last month. The OBR had been sidelined from his previous tax and spending event.
Kwarteng told Mel Stride, the chair of the Treasury committee, that he hoped the “short extra delay” in the publication of the OBR forecasts would be acceptable.
Source: The Guardian