An autumn statement will now be delivered on Thursday November 17, instead of on Halloween as initially planned, Downing Street has confirmed.
The statement, which provides an update on the government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility, was brought forward to October 31 while Liz Truss was Prime Minister.
But Chancellor Jeremy Hunt informed ministers of the decision to delay the statement at the first meeting of Rishi Sunak’s new cabinet in Downing Street on Wednesday morning. Mr Hunt said it is “prudent” to delay his fiscal announcement and that it would be “upgraded to a full autumn statement”.
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He told broadcasters: “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 November 17 when it will be upgraded to a full autumn statement.” Mr Hunt said he discussed the move with Bank of England Governor Andrew Bailey on Tuesday night, adding he “understands the reasons for doing that and I’ll continue to work very closely with him”.
Mr Hunt has remained in the role of Chancellor of the Exchequer after being appointed by former prime minister Ms Truss following the sacking of Kwasi Kwarteng. In a post on Twitter, he said: “Honoured to serve our country, and @RishiSunak, as Chancellor of the Exchequer.
"It is going to be tough. But protecting the vulnerable – and people’s jobs, mortgages and bills – will be at the front of our minds as we work to restore stability, confidence and long-term growth.”
Former Chancellor Rishi Sunak became the latest leader of the Tory party - and Prime Minister - on Tuesday (October 25) after being the only candidate to gain more than the required 100 required nominations from Tory MPs. The handover of power came after Ms Truss resigned last week, following a tumultuous six weeks in office.
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