The Chancellor Kwasi Kwarteng has brought forward his medium-term fiscal plan and the publication of independent budget forecasts to Oct. 31, more than three weeks earlier than previously scheduled, the Treasury has announced this morning.
The plan had been due on Nov. 23 to build on a “mini-budget” in September in which Kwarteng announced £45 billion of tax cuts. It triggered a rout in financial markets when he provided no details on how they would be funded.
The report from the Office of Budget responsibilty had been ommited from his previous tax and spending event in September
In a letter to parliament’s Treasury Select Committee, Kwarteng said the new date would allow the Office For Budget Responsibility enough time to assess updates to official data and for a full forecast process to take place.
The new, earlier date will also allow the Bank of England to understand the government’s tax and spending plans before it announces its next interest rate decision on Nov. 3.
