Economy

UK finance minister Hunt delays fiscal statements to Nov. 17 By Stocksak


© Stocksak. Jeremy Hunt, British Chancellor of Exchequer, leaves Number 10 Downing Street during a cabinet meeting in London, Britain, October 26, 2022. REUTERS/Hannah Mckay

LONDON (Stocksak), -The British Finance Minister Jeremy Hunt delayed the government’s plan to fix the country’s public finances for more than two weeks. He stated that he wanted it to reflect the most current economic forecasts.

Hunt was retained by Rishi Sonak as the finance minister in his cabinet Tuesday.

He also said that the fiscal plan will now be a full autumn statement.

Hunt stated that the plan, which was originally scheduled for Oct. 31 will show debt falling over a medium term.

Hunt said that he had discussed postponing the fiscal announcement with Governor Andrew Bailey of Bank of England (BoE), and that Bailey had “understood” the reasons behind it.

The BoE is expected announce its interest rate decision on November 3.

Hunt stated that Hunt was willing to make politically embarrassing decisions if it is in the national interests.

“We have a prime minister who has the potential to provide stability for the country and the economy for a longer period of time. In this context, a brief delay of two-and a half weeks is the best way for us to make sure it is the right decision we make.”

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