The much-anticipated public finances statement for the United Kingdom will now be released two weeks later than originally scheduled.
The economic plan was originally scheduled for next Monday, but will now be presented on November 17 as a full autumn statement.
The delay, according to Chancellor Jeremy Hunt, will guarantee that it is based on the “most accurate economic estimates conceivable.”
After a four-day fight to replace Liz Truss as Tory leader, Rishi Sunak was appointed prime minister on Tuesday.
Mr. Hunt told reporters that the statement will outline strategies to reduce the UK’s debt “over the medium term.”
He is under pressure to reassure investors of the UK’s economic integrity after the mini-budget caused financial turbulence last month.
After being appointed by Liz Truss, he abandoned nearly all of the tax cuts announced in his predecessor Kwasi Kwarteng’s mini-budget.
The plan’s promotion to a full autumn statement indicates that more policy decisions may be announced.
Mr. Kwarteng had initially scheduled the statement for November 23 after the mini-budget pushed up UK government borrowing costs.
It was subsequently moved up to October 31 to ease financial volatility, but will now be pushed back following Mr. Sunak’s arrival into No. 10.
Mr. Hunt stated that the proposed “short two-and-a-half week postponement” would ensure the “very difficult” tax and expenditure decisions “stand the test of time.
Mr. Hunt disclosed that he had discussed the postponement with the Bank of England’s governor, who “understands” the decision.
The Bank is scheduled to make its next interest rate decision on November 3.
I’ve said it before, and I’ll say it again: at Westminster, diaries are no longer in style.
The one date in the diary that had a modicum of the stickiness has become…unstuck…and shifted.
The statement originally slated for the following Monday will now occur on Thursday, November 17, alongside a comprehensive projection from the Office of Budget Responsibility.
The markets have stabilized since Liz Truss announced that she was walking the plank, so there is less of an immediate need to act than there once was.
It is also likely to make those forecasts appear less dire.
Oh, and it will allow the new prime minister and relatively new chancellor a bit more time to figure out exactly what they will do.
