The new Chancellor Jeremy Hunt is giving a statement today regarding the Government's "mini budget" unveiled by his predecessor Kwasi Kwarteng.
The statement is expected to roll back some of Kwarteng's economic policies, including sweeping tax cuts on corporations and high earners.
The pound surged when markets opened this morning, signalling some confidence in Hunt's direction of the UK economy.
With a critical speech which will decide the fate of the British economy and millions of people's finances set to take place, here is everything you need to know about the Chancellor's statement.
When is the Chancellor's statement?
The Chancellor's statement will occur today (October 17, 2022) at 11am.
He is then expected to give a speech to MPs at 3.30pm.
Jeremy Hunt is then expected to give a Medium-Term Fiscal Plan to be published alongside a forecast from the independent Office for Budget Responsibility on October 31.
How to watch the Chancellor's statement?
The Chancellor @Jeremy_Hunt will make a statement this morning, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability. A statement to @HouseofCommons will follow this afternoon. Read more: https://t.co/iA4DkquxaP pic.twitter.com/d29N5vaxrC
— HM Treasury (@hmtreasury) October 17, 2022
The Chancellor's statement and speech will be available to watch on most major broadcasters.
Jeremy Hunt is expected to then give his House of Commons at around 3.30pm, which will be live streamed on Parliament live.
What will the Chancellor say in his statement?
The Chancellor is expected to reverse some of the economic plans unveiled by Kwarteng, including billions of pounds in tax cuts to corporations and high earners.
Jeremy Hunt is expected to maintain plans to scrap the increase in National Insurance contributions as this has already been voted on by MPs.
Who is the Chancellor of the Exchequer?
Jeremy Hunt was appointed Chancellor after Kwasi Kwarteng was forced to step down by the Prime Minister following the economic volatility caused by his mini-budget.
Kwarteng became the second shortest serving Chancellor in UK history after Iain Macloed who died suddenly of a heart attack in 1970.
Jeremy Hunt was a long-serving health secretary and worked under David Cameron and Theresa May between 2012 and 2018 before becoming foreign secretary.
