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PM Rishi Sunak delays budget for new team to make the “right decisions” on UK’s £40 billion black hole

New Prime Minister Rishi Sunak has moved Monday’s planned fiscal statement to November 17th.

Mr Sunak and Chancellor Jeremy Hunt want more time for newly appointed ministers to make the “right decisions” to manage the UK’s faltering economy.

The new medium-term plan has been upgraded to an autumn statement – making it closer to a budget.

Also, next week the Bank of England can set interest rates without knowing the Government’s proposals.

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Mr Hunt said he had discussed the plan last night with the Bank of England governor Andrew Bailey

Mr Hunt added: “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.”

In a statement, a No10 spokesman said:

“The Prime Minister and the Chancellor agreed that the fiscal event would now take place on the November 17 and would be an Autumn Statement.

“He [the Chancellor] said it is important to reach the right decisions and there is time for those decisions to be confirmed with Cabinet.

“The Autumn Statement will set out how we will put public finances on a sustainable footing and get debt falling in the medium term and will be accompanied by a full forecast from the Office for Budget Responsibility.”

The Treasury has drawn up a list of more than 100 options to cut spending.

There is a £35 to £40 billion shortfall in the accounts.

The UK’s economy took a nose dive after an ill-timed statement by the then Chancellor Kwasi Kwarteng.

He was promptly asked to resign by former PM Liz Truss.

She in turn was forced out of office last week.

 

 

 

 

 

 

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