December 9, 2022

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British Prime Minister Sunak postpones his expected spending plan to mid-November

British Prime Minister Sunak postpones his expected spending plan to mid-November

The announcement of the UK’s annual budget will be delayed after new Prime Minister Rishi Sunak takes office on Monday.

Hannah McKay | Reuters

London The UK financial statement will be pushed back to November 17 after it was initially submitted to October 31.

The budget will contain the country’s medium-term fiscal plan to “reduce public spending on a sustainable basis, reduce debt and restore stability,” it said. A statement issued by the British Treasury.

The government’s financial statement will be accompanied by an independent forecast from the Office of Budget Responsibility, in contrast to the so-called mini-budget that caused market turmoil on September 23.

Finance Minister Jeremy Hunt said he and newly appointed Prime Minister Rishi Sunak had decided it would be “wise” to delay the financial announcement, which has now been upgraded to a full fall statement.

“Our number one priority is economic stability and restoring confidence that the UK is the country that pays for it,” Hunt told Sky News on Wednesday.

While budget details have yet to be revealed, Sunak confirmed that tackling inflation will be a focus as he faced questions from fellow lawmakers for the first time.

“Inflation is the enemy that makes everyone poorer,” Sunak said in the House of Commons on Wednesday.

United kingdom Inflation is back to its highest level in 40 years 10.1% in September, the Office for National Statistics estimates.

Sterling pound It rose to a six-week high as Sunak met his cabinet for the first time on Wednesday morning and amid speculation that the budget statement could be delayed.

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The pound was last seen up 0.8% against the dollar at around $1.156.

sonak He became prime minister on Tuesday – Britain’s third in 50 days – after Resignation of predecessor Liz Truss After its financial policies failed and caused chaos in the market.

The change in prime minister came after a fast-track conservative party leadership election. The ruling party is struggling to stabilize the economy and restore public confidence after seeing a Slipping in the polls And the Low approval rates.

On Wednesday morning, Secretary of State James Cleverly suggested delaying the budget announcement.

Cleverly told the BBC that Sunak would work with Chancellor of the Exchequer Jeremy Hunt “to get things right”, and that Hunt wanted to make sure the financial statement was “in line with his priorities”.