U.K. Treasury chief delays detailing new economic plans
The Hindu
New British Prime Minister Rishi Sunak announced he would retain Mr. Hunt who was appointed by former Prime Minster Liz Truss two weeks ago
U.K. Treasury Chief Jeremy Hunt on Wednesday delayed a statement on the country's economic affairs until November 17, giving the new government of Prime Minister Rishi Sunak a chance to offer a reset on policies meant to stabilise Britain's finances after his predecessor's sweeping tax cuts triggered market upheaval.
The plan will now be a full budget, with supervision by the independent Office of Budget Responsibility. The economic statement was originally set to be announced on Halloween.
“I want to confirm that it will demonstrate debt falling over the medium term, which is really important for people to understand,'' Mr. Hunt said in a pooled broadcast clip.
“But it's also extremely important that that statement is based on the most accurate possible economic forecasts and forecasts of public finances." The timing of the statement means that the Bank of England will deliver its ruling on interest rates before the government details its new economic plan. The interest rate decision is due on November 3.
Mr. Hunt said he discussed the move with Bank of England Gov. Andrew Bailey on Tuesday night, adding that Mr. Bailey “understands the reasons for doing that, and I'll continue to work very closely with him”.
Mr. Sunak took over Tuesday from former Prime Minister Liz Truss, whose tenure was scarred by fiscal turmoil. Her economic policies threatened the country's financial stability, driving the pound to record lows, sparking chaos on bond markets and increasing mortgage costs for millions of people.
Though Ms. Truss took office amid a cost-of-living crisis, the war in Ukraine and the lingering effects of the COVID-19 pandemic, her decision to announce 105 billion pounds ($116 billion) in tax cuts and spending increases without providing details on how she would pay for them unnerved investors, who warned of soaring public debt.
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