UK Chancellor Jeremy Hunt has delayed the date of his medium-term fiscal plan from 31 October to 17 November.
The news comes just over a week after Hunt said he was bringing forward the twice delayed plan to Halloween. But since then, now former Prime Minister Liz Truss has been ousted from office and Rishi Sunak has been elected in her place.
Given the short space of time Sunak has been in office and the dramatic volatility the UK market has experienced since the previous Mini Budget, Hunt told reporters today (26 October) that it was "prudent" to delay the announcement.
Next Prime Minister Rishi Sunak still faces a 'fraught' economic outlook for the UK
He said the government wanted more time to review the numbers and ensure that the economic data was based on "the most accurate forecasts".
In a statement released by Downing Street, it said the plan "will set out how we will put public finances on a sustainable footing and get debt falling in the medium term" and said that it will be delivered alongside a full OBR report, which the Treasury confirmed.
Hunt said it was important that the Budget restored "economic stability and confidence" and showed "debt to be falling in the medium-term".
He said that the medium-fiscal plan will now be upgraded to a full Autumn Budget, which Hunt said he had discussed with Andrew Bailey, governor of the Bank of England, who he said "understands his reasons" for doing so.
This delay means that the government's fiscal plans will now be announced after the Bank of England's next interest rate decision on 3 November, an order that Bailey had said was incorrect just ten days ago.
