Chancellor Kwasi Kwarteng brings forward government's financial plan to 31 October in wake of market turmoil since mini-budget
Kwasi Kwarteng will set out his plan for balancing the government's finances on 31 October, nearly a month ahead of the original date.
The new date means Mr Kwarteng's fiscal statement will be published before the Bank of England announces its latest decision on interest rates on 3 November. He tweeted: "If this lands well with markets then MPC meeting on 3rd Nov may result in smaller rise in interest rates. Critical to millions of mortgage holders."
Providing reassurance on that score will likely mean confirming unpalatable news for others. For most economists reckon that, even if the government can boost growth, it will realistically need to find savings of perhaps £40bn or more, if it is to bring down debt in a few years.
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Chancellor to set out debt plan three weeks earlier than plannedMr Kwarteng had been facing growing calls to produce his fiscal statement which will outline how the government intends to pay for the £43bn worth of tax cuts in the mini-budget and how they plan to reduce debt.
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