Government pushes back economic statement

27 Oct 2022

Chancellor of the Exchequer Jeremy Hunt has delayed the announcement of the government's economic plan until 17 November.

The Medium-Term Fiscal Statement was due to be delivered by the Chancellor in the Commons on 31 October, along with a forecast from the Office for Budget Responsibility.

This had been brought forward because of the market turmoil that followed September's Mini Budget.

But it will now be put back by more than two weeks and be turned into a full Autumn Statement - expanding its remit and providing longer term plans.

The delay also means the Bank of England will make its next decision on interest rates on 3 November without knowing the government's plans.

It has already warned interest rates may need to rise by more than previously expected to help tackle the soaring cost of living.

Inflation, which measures the rate at which prices are rising, hit a 40-year high of 10.1% last month.

Mr Hunt said: 'Our number one priority is economic stability and restoring confidence that the United Kingdom is a country that pays its way. But it is also extremely important the statement is based on the most accurate possible economic forecasts and forecasts of public finances.'