By Guest Writer •
Published: 27 Oct 2022 • 10:49
Rishi Sunak and Jeremy Hunt
Credit: Simon Walker / No 10 Downing Street flickr
Clearly new PM Rishi Sunak who has decided to continue to support Jeremy Hunt as Chancellor won’t fall into the trap of a hurried budget but wants to ensure that he will have input into the plans.
Having spent so long as Chancellor himself and having stood against Liz Truss as the tax prudent face of the Conservative Party he will want some input especially as Jeremy Hunt has no background in finance but is generally thought to be in favour of orthodox Treasury thinking, looking to balance budgets and follow fiscal discipline.
The decision to postpone the autumn statement until November 17 was announced at the first full Cabinet meeting with the Chancellor sitting next to the Prime Minister where it was also confirmed that there would also be a new set of economic forecasts from the Office for Budget Responsibility.
Following confirmation that he would remain Chancellor, Hunt tweeted “It is going to be tough. But protecting the vulnerable – and people’s jobs, mortgages and bills – will be at the front of our minds as we work to restore stability, confidence and long-term growth.”
Whilst this decision gives the Government breathing space to tweak the plans, which may include a review of stamp duty cuts as well as affordability of the triple lock pensions, it has put the Bank of England in a slightly difficult position.
Their next interest rate review is due on November 3 and will have to be decided without the benefit of knowing all of the Government’s plans.
Thank you for reading ‘No scary UK Halloween budget as it is postponed until November’ and remember that all articles produced by Euro Weekly News may be accessed free of charge.
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