The UK’s fiscal statement originally scheduled for 31 October has now been pushed back to mid-November, the chancellor of the exchequer has said.
Parliament will now hear a full Autumn Statement on 17 November, so the Treasury can prepare with the most accurate forecasts. Crucially, the move means the statement will take place after the Bank of England’s next Monetary Policy Committee meeting next Thursday.
“Our number one priority is economic stability and restoring confidence that the United Kingdom is a country that pays its way,” Jeremy Hunt told the BBC half an hour ago.
“For that reason the medium-term fiscal plan is extremely important. I want to confirm that it will demonstrate debt falling over the medium-term, which is very important for people to understand.
“But also, it’s extremely important that that statement is based on the accurate possible economic forecasts and forecasts of the public finances, and for that reason the prime minister and I have decided to that it is prudent to make that statement on 17 November, when it will be upgraded to a full Autumn Statement.
“I discussed this last night with the governor of the Bank of England. He understands the reasons for doing that and I’ll continue to work very closely with him.”
The FTSE 100 has risen slightly in the last hour, but is still trading down by around 0.3% at 6,992. The pound sterling has also been trading upwards against the US dollar today.
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