When will Kwasi Kwarteng announce the medium-term fiscal plan?

Kwasi Kwarteng will announce the medium-term fiscal plan in the coming months

(Picture: AFP via Getty Images)

Chancellor of the Exchequer Kwasi Kwarteng has brought foward the date of his medium-term fiscal plan in a second U-turn on his radical “mini-budget” that was unveiled just 10 days ago.

This follows his mini-budget of September 23, which revealed the Conservative Party’s set of economic policies, and resulted in the pound hitting an all-time low against the dollar.

It also prompted Andrew Bailey, governor of the Bank of England, to say that the Monetary Policy Committee would “not hesitate to change interest rates by as much as needed, to return inflation to the two per cent target sustainably in the medium term.”

The mini-budget was Kwarteng’s first announcement since becoming chancellor on September 6, following Liz Truss’s election as Tory leader.

But there are many more announcements to come over the following months, as the Tory Party tries to deal with the cost-of-living crisis.

Kwarteng’s medium-term fiscal plan is one of these announcements expected soon – find out below when we can expect the chancellor to share details of his plan.

Chancellor of the Exchequer Kwasi Kwarteng will prepare another Budget in the spring (Aaron Chown/PA Wire)

When will the medium-term fiscal plan be announced?

The Chancellor will set out his medium-term fiscal plan on October 31, 2022.

This plan will share further details of the Government’s fiscal rules, including “ensuring that debt falls as a share of GDP in the medium term”.

The Office for Budget Responsibility (OBR) will also set out a full forecast alongside the fiscal plan on October 31.

The OBR is responsible for providing independent and authoritative analysis of the UK’s public finances. It shares detailed five-year forecasts for the economy and public finances twice a year.

The Fiscal Plan and the OBR forecast were originally meant to take place on November 23, 2022, but have been brought forward to reassure markets.

Cabinet ministers are also set to share further growth measures in October and early November, which will include changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure.

There will then be a Budget in the spring, as well as a further OBR forecast.