The UK’s new budget plans are taking longer than previously announced. This was confirmed by British Chancellor of the Exchequer Jeremy Hunt after another minister had already hinted at the BBC. Prime Minister Rishi Sunak’s government, which took office on Tuesday, needs more time to include “the most accurate economic estimates possible” in its budget plans.
A statement on the budget plans was supposed to be issued next Monday. But publication has been postponed until November 17. The government also promised to announce the ruling of Britain’s auditing office, the Office of Budget Responsibility (OBR), immediately that day.
Sunak and Hunt will explain in November how they want to reduce government debt and restore financial stability, the Treasury said on Twitter. Financial markets are anxiously awaiting plans. The question is how the new government plans to bridge a budget deficit of 40 billion pounds.
Truss resigned as prime minister on Tuesday after widespread dissatisfaction with her controversial budget plans. She wanted to implement big tax cuts and the government would also spend a lot more. Truss thought he would borrow money for it. Financial markets responded with shock. The lack of feasibility testing by the OBR on these plans further contributed to this tension.
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