Britain's new PM delays crunch budget plan

Rishi Sunak, UK Prime Minister.

British Prime Minister Rishi Sunak on Wednesday postponed an eagerly awaited budget plan due next week, as the youthful new leader got down to business after weeks of political turmoil.

Following a meeting of his new cabinet, Sunak was set to engage in his first parliamentary joust against opposition Labour leader Keir Starmer, who is demanding a snap general election. "The Tories have crashed the economy, with low wages, high prices and a cost-of-living crisis," Starmer said, in a taste of the attack to come during the Prime Minister's Questions."The public needs a fresh start and a say on Britain's future."

But Sunak, 42, ruled out an early election as he vowed stability and fiscal rectitude following his appointment by King Charles III on Tuesday to succeed Liz Truss after she served just 49 days in Downing Street. After appointing the cabinet team, Sunak phoned the presidents of Ukraine and the United States to vow continuity on UK foreign policy, including resisting Russia's invasion of its neighbour with cash and military aid.

But Chancellor of the Exchequer Jeremy Hunt -- retained in Sunak's cabinet along with other senior ministers -- said that Monday's planned "medium-term fiscal statement" was no longer so pressing. Instead, there will be a full budget statement on November 17 to lay out the new government's tax and spending plans, Hunt told reporters. "Now, we have a new prime minister and the prospect of much longer-term stability for the economy," he said, stressing the new plan would be accompanied by fresh economic forecasts from the Office for Budget Responsibility (OBR).